I had sent this to a few other lists last night but, it bounced due to it
being over 10K. So here is part one.
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An FYI for all.
Matt Murray
mattm@optonline.net
FOX CABLE REVS UP
Eyes Speedvision as NASCAR Outlet
By MIKE FARRELL
Multichannel News
4/16/01
Fueled by the success of its National Association for Stock Car Racing
(NASCAR) programming, Fox Cable Networks Group is making moves to snap up
the remaining interest in Speed-vision/Outdoor Life Network, sources said
last week.
According to sources close to the negotiations, Fox Cable is talking with
Cox Communications Inc., AT&T Corp., Comcast Corp. and minority investors
such as Speedvision CEO Roger Werner and the estate of cable pioneer Bill
Daniels about acquiring their stakes in the racing network.
Those same sources said Cox and AT&T have already "put" their shares to Fox
Cable, and negotiations are underway for the other partners to do the same.
Fox is unlikely to grab the network cheaply. According to one source,
Speedvision and OLN are valued at roughly a combined $1 billion.
Fox parent News Corp. is not in the best position to spend big money at this
point, particularly since it's in heated negotiations to purchase
direct-broadcast satellite provider DirecTV Inc.
One source said Fox wouldn't necessarily have to pay cash for Speedvision.
The network could work out a deal to trade its OLN stake for control of
Speedvision, or throw in stakes in other networks.
"Fox is going down a path that is either cash positive or cash neutral to
them," the source said. Fox Cable Networks officials declined to comment.
Fox Cable president Jeff Shell has said in past published reports that he
would be interested in owning all of Speedvision, at "the right price."
Cox and AT&T representatives declined comment about Speedvision. Comcast
officials could not be reached at press time.
Part Two to follow.
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