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Disney To Buy FOX Family Worldwide

Wednesday Disney said it had acquired Fox Family Worldwide for $100
million less than the $5.3 billion agreed to last July.
Walt Disney Co. got the price break CEO Michael Eisner was looking
for.

Wednesday Disney said it had acquired Fox Family Worldwide for $100
million less than the $5.3 billion agreed to last July. Terms included $2.9
billion in cash and the assumption of $2.3 billion in obligations.

The deal included Fox Family Channel -- to be renamed ABC Family --
and Fox Kids outlets in Europe and Latin America.

Eisner hinted in the press last week that dimmed business prospects
since the Sept. 11 terrorist warranted a re-examination of the deal. News
Corp., which owned Fox Family Worldwide equally with Saban
Entertainment, portrayed the pact as ironclad and not subject to review.
But the sellers later decided, observers said, to bend on pricing rather
than delay the deal.

News Corp. did not return calls seeking comment Wednesday.

Eisner said work was proceeding on the U.S. launch of ABC Family and
the expansion of Fox Kids, which will eventually be re-branded.
 
 

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