CITIBANK HELPS OUT FOX KIDS; BIG LOAN WILL AID IN PURCHASE OF IFE.Byline: Dave McNary McNary may refer to:
Citicorp is providing a $1.25 billion loan to News Corp. for its purchase of International Family Entertainment, the financial company's second major loan in two years to Rupert Rupert, 1352–1410, German king (1400–1410), elector palatine of the Rhine. He was elected German king after the deposition of Wenceslaus. Seeking the imperial crown, Rupert went to Italy. Murdoch's media giant. A News Corp. spokesman confirmed Monday Monday: see week. that the loan will help pay for the $1.9 billion acquisition of Pat Robertson's IFE Ife (ē`fā), city (1991 est. pop. 262,000), SW Nigeria. Located in a farm region, the city is an important center for marketing and shipping cacao. According to tradition, Ife is the oldest Yoruba town (founded c.1300). by Fox Kids Worldwide, a joint venture of News Corp. and Saban Entertainment  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. . The loan will be secured by Fox Kids assets. Murdoch struck the long-rumored deal for IFE last week while at the same time announcing a $1.1 billion swap of his U.S. direct-broadcast satellite assets for a 31 percent stake in the Primestar satellite service. Analysts believe the deals, which still must be cleared by regulators, will make it easier for News Corp. to get its programs on cable networks since ownership of the Family Channel broadens its programming offering. News Corp. executives told analysts last week that Fox Kids will have $150 million to $170 million in annual cash flow. Citicorp agreed last year to lend News Corp. $1 billion for movies produced by 20th Century Fox in a similar financing. Such loans, dubbed dub 1 tr.v. dubbed, dub·bing, dubs 1. To tap lightly on the shoulder by way of conferring knighthood. 2. To honor with a new title or description. 3. off-balance sheet financings, allow parent companies to limit their funding of internal projects while banks raise the funds by offering the anticipated value of future programs as an investment to other banks and institutions. Universal parent Seagram Co. is believed to be near a $1.1 billion financing deal with Citicorp over three years to fund up to 60 movies. |
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