Fox Cable cut a deal with Comcast to take control of racing network Speedvision, leaving Comcast sister network Outdoor Life and Fox's interest in The Golf Channel.
The complicated deal lets Fox turn its one-third interest in Speedvision/Outdoor Life and The Golf Channel into full ownership if Speedvision alone. Comcast is paying cash for the interests in Outdoor Life and Golf Channel, that will in turn be used to buy out Speedvision's other partners, Cox Communciations, AT&T Corp, Chairman Roger Werner and the estate of Bill Daniels.
The deal values Speedvision at around $1 billion. Fox sees Speedivision as a natural fit with its regional sports operations, but had little interest in Outdoor Life. - John Higgins