News Corp. said it plans to buy the 18% of Fox Entertainment Group that it currently does not already own.
News Corp. is offering to acquire the shares by trading its owns stock, 1.9 News Corp. shares for every Fox share. That values the deal at $4.9 billion.
Fox is primarily composed of News Corp.'s U.S. entertainment assets, Fox's broadcast and cable networks, TV stations, and 20th Century Fox movie studio. News Corp. sold the chunck to the public in 1999 for $2.8 billion, giving the then-Australian company a U.S. trading currency.
Taking it public to begin with proved something of a disappointment. Fox has fairly consistently underperformed News Corp. shares in the market.