New York -- News Corp. hopes to raise $1.8 billion to $2
billion through its Fox Entertainment Group initial public offering, the company said in a
securities filing last week
News Corp. said it planned to sell 85 million Fox
Entertainment shares at $21 to $24 apiece in an offering that amounted to 13.4 percent of
In June, News Corp. said the offering would be 15 percent
to 20 percent of Fox Entertainment. If the underwriters, led by Merrill Lynch & Co.,
exercise an overallotment option, as much as 15 percent of the unit could be sold to the
Proceeds would go toward paying down Fox's debt to
News Corp. Fox Entertainment is made up of News Corp.'s film and television holdings,
including its cable-network interests.
An amended offering statement, filed last Tuesday, did not
disclose when the offering would take place. News Corp. executives were scheduled to begin
a marketing road show for the offering this week, industry analysts said.