News Corp is expected to announced a multi-billion dollar bid to buy the shares of Fox Entertainment Group that it does not already own according to media reports.
The New York Times, citing executives involved in the deal, reported that Mr Rupert Murdoch is expected to announce today he will buy out the shareholders of his Fox properties for about $7 billion.
News Corp owns 82.1 per cent of Fox Entertainment Group. A report on the Wall Street Journal'sonline edition said News Corp will announce a "multibillion-dollar stock bid" in the next few days for the shares it doesn't already own in Fox Entertainment Group.
The New York Timessaid the transaction was approved by the board of News Corp and would solidify Mr Murdoch's control over some of the nation's most valuable media assets such as the Fox broadcast network and the DirecTV satellite service.