FOX IPO DRAWS HUGE INTEREST AS SHARES HIT MARKET TODAY

          Investors "gobbled up" shares of Fox Entertainment
     Group in its IPO, paying $22.50 for each of the 124.8
     million shares, raising $2.81B, according to a WALL STREET
     JOURNAL report.  The IPO "attracted much higher demand than
     analysts anticipated."  News Corp. had said it would sell
     13.4% of the company, but the offering, underwritten by
     Merrill Lynch, was "heavily oversubscribed," resulting in
     18.6% of the stock being sold (WALL STREET JOURNAL, 11/11). 
     DAILY VARIETY's Martin Peers writes that investor interest
     was spurred by the "roadshow presentation" of News Corp.
     Chair Rupert Murdoch and Fox execs over the past few weeks
     (DAILY VARIETY, 11/11).  The deal puts "an equity value" of
     $15.1B the new company.  One source said that News Corp.
     "expected to transfer" $1.8B of its $9.3B in debt to the
     division.  Fox Entertainment "is expected to use some of the
     proceeds to pay down debt" (Geraldine Fabrikant, N.Y. TIMES,
     11/11).  Trading of the shares is expected to begin today on
     the NYSE under the symbol FOX (N.Y. POST, 11/11).