Walt Disney Company Buys Fox Family Worldwide, Inc.

News Corporation announced today the completion of the sale of Fox Family Worldwide, Inc. to Walt Disney Company.

The sale follows the July 23 announcement that News Corporation and Haim Saban had agreed to sell Fox Family Worldwide to Walt Disney Company. News Corp., through its majority-owned subsidiary Fox Entertainment Group, and Haim Saban each owned 49.5 percent of Fox Family Worldwide; Allen & Company Inc. owned the remaining 1 percent.

As part of the transaction, News Corporation received aggregate proceeds of approximately $1.7 billion for its interests in Fox Family Worldwide, including the repayment of indebtedness owing to News Corporation. Disney assumed or paid all other outstanding debt of Fox Family Worldwide.

News Corporation had total assets as of June 30, 2001 of approximately US$43 billion and total annual revenues of approximately US$14 billion.

News Corporation’s diversified global operations in the United States, Canada, continental Europe, the United Kingdom, Australia, Latin America and the Pacific Basin include the production of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines and books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems, and the creation and distribution of popular on-line programming.



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