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Technology Stocks : AT&T -- Ignore unavailable to you. Want to Upgrade?

To: Rascal who wrote (2625)	7/13/1999 7:58:00 AM
From: polarisnh	Read Replies (1) \| Respond to of 4298

News Corp says finalises Fox/Liberty deal SYDNEY, July 13 (Reuters) - News Corp Ltd said on Tuesday about 576 million preferred shares had been alloted and approved for quotation by the Australian Stock Exchange on Wednesday ahead of expected completion of its deal with John Malone's Liberty Media Corp. The complex US$2.1 billion deal, announced in April this year, sees AT&T Corp's (NYSE:T - news) Liberty emerge with an eight percent stake in New Corp, making it the second largest shareholder after Murdoch's family interests. News Corp said all relevant transaction were expected to close in New York on July 15. Under the deal, Liberty was to swap its joint venture stake in the Liberty/Fox cable network for 207.2 million non-voting News Corp shares, valued at US$1.42 billion. Shareholders at an extraordinary meeting in June backed the plan for News Corp to pay US$1.39 billion to buy back 224.8 million non-voting shares from telephone giant MCI WorldCom, half of which was to be onsold to Liberty. Saudi investor Prince Alwaleed Bin Talal was also acquire 32.3 million shares, taking his stake in News Corp to about three percent. The Fox Liberty Network, half-owned by Liberty and News Corp. subsidiary Fox Entertainment Group, operates Fox Sports Net, which reaches more than 62 million U.S households, and cable channel FX, reaching more than 39 million households. News Corp released the following statement to the Australian Stock Exchange. +++++++++++++++++++++++++ The Company announced that approximately 576 million preferred limited voting ordinary shares (preferred shares) had been allotted and approved for quotation by the ASX commencing tomorrow, 14 July 1999, in anticipation of completion of the acquisition by the Company of the 50% interest in the Fox/Liberty U.S. joint venture interests (approximately 227 million preferred shares represented by approximately 56.75 million ADRs), the additional subscription for shares by Liberty and Prince Alwaleed (124 million preferred shares represented by approximately 31 million ADRs), and the allotment of approximately 225 million preferred shares to MCI Telecommunications Corporation on the exercise of certain warrants (the latter preferred shares have been approved for repurchase by way of a selective buy-back by the Company and on completion of the buy-back will be cancelled). All relevant transactions are anticipated to close in New York on 15 July 1999. The number of preferred shares issued to Liberty as consideration for the U.S. joint venture interests has increased by 20 million (represented by approximately 5 million ADRs) but the number of preferred shares subscribed for by Liberty have been reduced by 20 million (represented by approximately 5 million ADRs), so that the number of preferred shares issued to Liberty remains as previously disclosed.