Rupert Murdoch sees no quick resolution of the future of Fox Family Worldwide. News Corp. partner and FFW Chairman Haim Saban has exercised an option to "put" his 49.5% stake to News Corp., and investment bankers on both sides are still valuing the company.
Saban contends the whole company is worth $6 billion, making his equity worth $2 billion in cash. News Corp. sees the troubled Fox Family Channel and other assets as worth much less and doesn't want to pay cash.
Furthermore, News Corp. is loath to take all $2 billion of FFW's debt onto its balance sheet. Murdoch said that a deal is "several, if not many, months away."
HBO won't sell Sex
HBO is killing plans to sell a sanitized version of its hit Sex and the City
series on basic cable, sources report.
It's not clear whether HBO is balking because it wants to preserve Sex's
creative integrity or because it wouldn't back down on its $750,000-per-episode price tag to strike a deal. HBO declined comment on whether it had dropped its Sex
Lifetime, USA, TBS, TNN, FX, A & E and Comedy Central all received presentations on the series, as HBO edited six episodes, eliminating nudity and profanity. At least one basic cable player was willing to pay the freight for a fall 2002 debut.