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News Corp (ASX:NWS) shares sink after Foxtel buyout rejected – Motley Fool Australia
A deal would have helped the pay television provider pay off $2.1 billion of debt, but its majority parent declined.
News Corporation (ASX: NWS) reportedly declined a buyout offer of its troubled pay television subsidiary Foxtel.
An unnamed special purpose acquisition investment company (SPAC) approached News Corporation with an offer to buy Foxtel, according to SMH.com.au.
A SPAC, which is also called a “blank cheque company”, is a publicly listed entity that’s cashed up with the sole purpose of acquiring an unlisted business.
The United States concept is a cousin of the Australian phenomenon of “reverse-listing”,…
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