News Corp. filed for the "anticipated spinoff" of the
Fox Group, part of its U.S. film, TV and sports business,
with the SEC on Friday, a move "that could help" Chair
Rupert Murdoch "boost his company's market value," according
to BLOOMBERG NEWS. The filing "didn't disclose how much it
hoped to raise in the stock sale," but analysts have
estimated it "could reach" $3.5B, which "could make it the
biggest initial stock offering in U.S. history." Fox
"intends to use the IPO proceeds to repay borrowings from
other" News Corp. affils, but it didn't specify how much
(BLOOMBERG NEWS, 8/15). The SEC filing noted that only
shares of Class A stock, which have one vote per share, will
be offered. All Class B shares, which have 10 votes each,
will be retained by News Corp. (HOLLYWOOD REPORTER, 8/17).
AUTHORITY? The Sports Authority's debt ratings were
changed to "direction uncertain" from "possible upgrade" by
Moody's Investor Service. Moody's said that if Venator's
acquisition of TSA isn't completed, "continued weakness" in
the chain's operating performance "could lead to a downward
rating adjustment" (WALL STREET JOURNAL, 8/17).
