Twenty-First Century Fox 2014 Annual Report Download - page 10

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4
Special Note Regarding Forward-Looking Statements
This document and the documents incorporated by reference into this Annual Report, including “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contain statements that
constitute “forward-looking statements” within the meaning of Section 21E of the Exchange Act and Section 27A of
the Securities Act of 1933, as amended. The words “expect,” “estimate,” “anticipate,” “predict,” “believe” and
similar expressions and variations thereof are intended to identify forward-looking statements. These statements
appear in a number of places and include statements regarding the intent, belief or current expectations of the
Company, its directors or its officers with respect to, among other things, trends affecting the Company’s financial
condition or results of operations and the outcome of contingencies such as litigation and investigations. Readers are
cautioned that any forward-looking statements are not guarantees of future performance and involve risks and
uncertainties. More information regarding these risks, uncertainties and other factors is set forth under the heading
“Item 1A. Risk Factors” in this Annual Report. The Company does not ordinarily make projections of its future
operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise, except as
required by law. Readers should carefully review this document and the other documents filed by the Company with
the SEC. This section should be read together with the Consolidated Financial Statements of 21st Century Fox and
related notes set forth elsewhere in this Annual Report.
Recent Developments
In July 2014, the Company entered into agreements with British Sky Broadcasting Group plc (“BSkyB”), to
sell its 100% and 57% (on a fully diluted basis) ownership stakes in Sky Italia and Sky Deutschland AG (“Sky
Deutschland”), respectively, for approximately $9.3 billion (based on foreign currency exchange rates as of the date
of the agreements), comprised of approximately $8.6 billion in cash and the transfer to the Company of BSkyB’s
21% interest in National Geographic Channels International, increasing the Company’s ownership stake to 73%. In
connection with this transaction, the Company participated in BSkyB’s equity offering in July 2014 by purchasing
additional shares in BSkyB for approximately $900 million and maintained the Company’s approximate 39%
ownership interest. The agreements are subject to regulatory approvals, the approval of BSkyB stockholders and
customary closing conditions.
BUSINESS OVERVIEW
The Company is a diversified global media and entertainment company, which manages and reports its
businesses in the five segments described below.
Cable Network Programming
The Company produces and licenses news, business news, sports, general entertainment and movie
programming for distribution primarily through cable television systems, direct broadcast satellite operators,
telecommunications companies and online video distributors in the United States and internationally.
FOX News and Fox Business Network. FOX News owns and operates the FOX News Channel, the top rated
24/7 all news national cable channel currently available in approximately 96 million U.S. households according to
Nielsen Media Research, as well as the FOX Business Network which is currently available in nearly 79 million
U.S. households.
FOX News also produces a weekend political commentary show, FOX News Sunday, for broadcast on local
FOX television stations throughout the United States. FOX News, through its FOX News Edge service, licenses
news feeds to FOX Affiliates and other subscribers to use as part of local news broadcasts throughout the United
States and abroad. FOX News also produces and runs the websites, FOXNews.com and FOXBusiness.com, and
owns and produces the national FOX News Radio Network, which licenses news updates and long form programs to
local radio stations and to satellite radio providers.
FSN. Fox Sports Net, Inc. (“FSN, Inc.”) is the largest regional sports network (“RSN”) programmer in the
United States, focusing on live professional and major collegiate home team sports events. FSN, Inc.’s sports