Twenty-First Century Fox 2013 Annual Report Download - page 55
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Other Business Developments
In July 2012, the Company sold its 49% investment in NDS Group Limited (“NDS”) to Cisco Systems Inc.
for approximately $1.9 billion in total consideration.
In November 2012, the Company acquired a controlling 51% ownership stake in Eredivisie Media &
Marketing CV (“EMM”) for approximately $350 million, of which $325 million was cash and $25 million was
contingent consideration. EMM is a media company that holds the collective media and sponsorship rights of the
Dutch Premier League. The remaining 49% of EMM is owned by the Dutch Premier League and the global TV
production company Endemol.
In November 2012, the Company acquired the remaining 50% interest in ESPN STAR Sports, now
operating as Fox Sports Asia, that it did not already own for approximately $220 million, net of cash
acquired. Fox Sports Asia is a leading sports broadcaster in Asia and the Company now, through its wholly
owned subsidiaries, owns 100% of Fox Sports Asia.
In December 2012, the Company acquired a 49% equity interest in the Yankees Entertainment and Sports
Network (“YES Network”), a RSN, for approximately $584 million and simultaneous with the closing of this
transaction the Company paid approximately $250 million of upfront costs on behalf of YES Network. Under the
purchase agreement, the Company may acquire an additional stake in YES Network, starting in December 2015,
that could bring its ownership to 80%.
In December 2012, the Company acquired SportsTime Ohio, a RSN serving the Cleveland, Ohio market, for
an estimated total purchase price of approximately $285 million, of which $135 million was in cash. The balance
of the purchase price represents the fair value of deferred payments and payments that are contingent upon
achievement of certain performance objectives.
During the third quarter of fiscal 2013, the Company acquired, through a combination of a private
placement and a rights offering, approximately 92 million additional shares of Sky Deutschland increasing its
ownership to approximately 55%. The aggregate cost of the shares acquired by the Company was approximately
€410 million (approximately $550 million). As a result of these transactions, the results of Sky Deutschland are
included in the Company’s consolidated results of operations beginning in January 2013.
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