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FOX BROADCASTING COMPLETES DEAL FOR THE GOLF CHANNEL
Published August 2, 1996
News Corp. completed a deal Thursday to buy a 33% stake in The Golf Channel. An internal memo from TGC CEO Joseph Gibbs to his employees said the deal "gives us the capital to get our channel to break even under the current business plan and launch our channel overseas" (Scott Hettrick, HOLLYWOOD REPORTER, 8/2). Arnold Palmer, part-owner of TGC, said "we are all delighted with this turn of events." The deal is key to TGC since it gives access to foreign markets as it plans to expand in Japan in October. In addition to Japan, TGC hopes to send its signal to Taiwan and Australia soon. TGC currently has around 3.5 million subscribers. Chris Murvin, TGC Senior VP/Business Affairs, said no programming changes are expected and the channel's operations will remain in Orlando. Murvin said TGC did have talks with other networks, including NBC, which broke off a month ago (Rene Stutzman, ORLANDO SENTINEL, 8/2).