News Corporation to acquire Heritage Media Corporation.
NEW YORK--(BUSINESS WIRE)--March 17, 1997--The News Corporation Limited (NYSE NYSE
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The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) announced today that they have reached an agreement for a News Corporation subsidiary to acquire Heritage Media in a non-taxable merger transaction. The transaction is subject, among other things, to approvals of the Heritage shareholders and regulatory agencies.
News Corporation will pay the equivalent of US$20.50 for each of the 38.6 million shares, on a fully diluted basis, of Heritage (total value US$754 million) through the issuance of News Corporation's preferred limited voting ordinary ADRs, which trade under the symbol NWS pr on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . In addition, Heritage's outstanding indebtedness will be assumed (in the amount of approximately US$600 million as of December 31, 1996).
Heritage's marketing services company in the United States owns ACTMEDIA, Inc. and DIMAC Marketing Corporation. ACTMEDIA is a provider of in-store marketing products in supermarkets, drug stores, and mass merchandisers worldwide. DIMAC is a full service, vertically integrated direct marketing services company. Heritage also operates six network-affiliated television stations and 24 radio stations in seven major markets.
ACTMEDIA provides coverage in over 40,000 grocery, drug and mass merchandiser stores. ACTMEDIA operates in 28 different countries with core operations in the United States, Canada, Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , and equity interests or license agreements in in-store marketing companies in Europe, Asia, South America, the Middle East and Africa.
News Corporation through its U.S. division, News America FSI FSI Foreign Service Institute
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News Corporation also announced it intends to sell all of Heritage's radio and television broadcast properties.
Rupert Murdoch, Chairman and Chief Executive of News Corporation, said "Heritage's marketing services operations are a great complement to our existing FSI business. Moreover, this merger continues the strengthening of our various marketing opportunities to the benefit of advertisers who use all types of vehicles to get their message across to consumers whether it be through television, print or other marketing operations."
Heritage Chief Executive Officer David N. Walthall said, "We believe that this transaction is further evidence of the trend by many major media companies to broaden their participation within the approximately US$200 billion advertising and promotion industry."
The News Corporation Limited is one of the world's largest media companies with total assets as of December 31, 1996 of US$27.7 billion and total annual revenues of US$10 billion. News Corporation's diversified global operations in the United States, the United Kingdom, Australia, Latin America and the Pacific Basin include the production and distribution of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines, books and promotional free-standing inserts; the development of digital broadcasting; conditional access and subscription management systems; and providing computer information services.
CONTACT: James Platt
David N. Walthall
Heritage Media Corporation