CHEERING CHERNIN? ANALYSTS LIKE WHAT THEY HEAR OF FOX IPO

          News Corp., in the process of spinning off Fox
     Entertainment Group, which includes its sports teams, met
     Thursday with analysts from investment banks underwriting
     the IPO to "offer guidance as to the company's worth,"
     according to Jill Goldsmith of the HOLLYWOOD REPORTER.  One
     who attended the session said, "A lot of issues are still up
     in the air."  An "undetermined major point" is debt
     structure -- how much of News. Corp.'s debt will be
     "transferred" to the Fox Entertainment Group.  As of June
     30, News Corp. had $8.7B in debt and $2.6B in cash. 
     Analysts said "they enjoyed the upbeat presentation" by News
     Corp. COO Peter Chernin and that they "like the new
     company."  Also discussed was Fox News, which the "company
     said it wants to grow aggressively in the cable news arena
     to compete with CNN" (HOLLYWOOD REPORTER, 8/21).