Almost three months after the deal was announced, Cox Communications Inc. and
Comcast Corp. revealed further details of the sale of their respective interests
in Speedvision and Outdoor Life Network to Fox Cable Networks Group.
On May 22, Fox Cable announced a complicated deal under which it would swap
its stake in The Golf Channel to Comcast in return for Comcast's stake in
Speedvision. In addition, Comcast agreed to buy the 85 percent stake in OLN it
didn't already own for an undisclosed amount of cash. Fox would then use that
money to buy out the other partners in Speedvision, including Cox.
In a quarterly filing last week with the Securities and Exchange Commission,
Cox said it received $439.7 million in cash for its 30 percent stake in
Speedvision/OLN. The company added that it expects to report a third-quarter
gain as a result.
In a separate SEC filing, Comcast said it loaned Fox Entertainment Group, Fox
Cable's parent , $400 million as part of its acquisition of the remaining
interest of OLN. Comcast will be able to use that loan against the purchase
price of the network.
Also in the filing, Comcast said it paid Fox Cable $364.9 million for Fox's
interest in Golf.