Fox "is aiming to partner with NASCAR to create a cable
network dedicated solely" to auto racing, according to
Deborah McAdams of BROADCASTING & CABLE. Several cable-
industry sources said that Fox, which owns a stake in
Speedvision, "wants to convert" that network into the NASCAR
channel. Speedvision will have 32 million subscribers by
year's end and "may be worth an estimated" $600-700M based
on its per-subscriber selling price of comparably sized
networks. Currently, Fox and Liberty Media own 30% of
Speedvision, with the rest being owned by Cox
Communications, Comcast and MediaOne. The partnership
"gives each party the first right to buy out a selling
partner at fair market value," but Fox "doesn't have that
option until 2004." As a result, Fox is "contriving to
trade some of its other cable interests for control of
Speedvision." NASCAR VP/Broadcasting Bray Cary: "We've got
proposals from various people, either to take over an
existing channel or develop a new one. Fox is one of the
parties we're talking to." Cary added that a NASCAR network
"will emerge by the end of the summer" (B&C, 5/22 issue).
