News Corp., the global media giant and owner of Fox television network, is expected to announce Monday its agreement to buy television station owner Chris-Craft Industries Inc. and its subsidiaries for about $5 billion, a source said Saturday.
News Corp., controlled by media magnate Rupert Murdoch, will pay $85 a share for Chris-Craft and its BHC Communications Inc. and United Television Inc. subsidiaries, the source said.
Chris-Craft has an 80 percent stake in BHC, which operates six very high frequency television stations and four ultra high frequency television stations. BHC has a 58 percent stake in United Television.
News Corp. outbid media rival Viacom Inc., which abruptly announced on Friday it had ended takeover talks with Chris-Craft. New York-based Chris-Craft, which is controlled by Herbert J. Siegel and owns 10 television stations, later responded by saying it was in talks with another major media company.
News Corp. and Chris-Craft declined to comment Saturday.
