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To: Stealhead who wrote (1015)	4/1/1999 5:14:00 AM
From: mike.com	Respond to of 13157

Stealhead, AWESOME news. It deserves to be printed out: April 01, 1999: News to Buy Liberty's Stake in Fox/Liberty New York -- News Corp. chairman Rupert Murdoch has apparently cut a deal with Liberty Media Group chairman John Malone to buy out Liberty's half of the three-year-old Fox/Liberty Networks venture for about $1.5 billion in News Corp. stock, people familiar with the deal said Wednesday. The move would make it easier for Murdoch to integrate Fox/Liberty assets -- including ownership or interests in 21 regional sports networks, the Fox Sports Net umbrella organization and FX Networks -- with other News Corp. assets, including the Fox broadcasting network and Fox Sports. Fox/Liberty also owns a 40 percent stake in Madison Square Garden L.P., the Cablevision Systems Corp.-controlled unit that includes Madison Square Garden Network and the National Basketball Association New York Knicks and National Hockey League New York Rangers sports teams. News Corp. owns Major League Baseball's Los Angeles Dodgers. Malone's Liberty would get a big chunk of News stock to add to its assets, but one source familiar with the two companies said there were other, related deals between Malone and Murdoch that have yet to be disclosed. The agreement may not be announced this week, but sources said the Los Angeles Times plans to publish a detailed account of the deal Thursday. The price would value the Fox/Liberty assets in total at $3 billion, but one source said the transaction also includes international programming assets that are owned by a separate venture. This could mean an even faster national rollout considering Murdoch's sports holdings.