Fox Seen Selling CNN Rather Than Spinning Off Despite Tax Bill

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Fox Seen Selling CNN Rather Than Spinning Off Despite Tax Bill

by Wochit 0:45 mins

Fox Seen Selling CNN Rather Than Spinning Off Despite Tax Bill

by Wochit 0:45 mins

If Twenty-First Century Fox succeeds in buying Time Warner Inc, it's likely to sell CNN and pay billions of dollars in taxes rather than go through the headaches of spinning the cable news channel off to shareholders of the merged company. According to people familiar with the matter, Fox plans to get rid of CNN because it already operates its own namesake news network and would likely face opposition from regulators even if it wanted to keep it. Potential buyers include CBS and Walt Disney's ABC - two broadcast news juggernauts in search of a cable news outlet. A sale would mean a tax hit of about 40 percent of the proceeds, which could range between $6 billion and $10 billion.

Wochit

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