Chicago Tribune: News Corp. exits Chicago Fox sports station

[Tweed]

http://www.chicagotribune.com/business/chi-0502230203feb23,1,1317278.story?coll=chi-business-hed&ctrack=1&cset=true

"NEW YORK -- Media giant News Corp. on Tuesday stepped away from its ownership stake in Fox Sports Net Chicago more than a year after the cable station lost the rights to broadcast home games of the city's premier sports teams to rival Comcast Corp.

News Corp.'s departure leaves the pared-down FSN-Chicago in the hands of New York-based cable TV company Cablevision Systems Corp. The transaction was one part of a much larger restructuring of a partnership that gives News Corp. full ownership of several regional sports networks and gives Cablevision full ownership of some New York-area sports teams, venues and local sports channels.

Previously, the two companies owned seven regional sports networks as well as New York's Madison Square Garden through an entity owned 60 percent by Cablevision and 40 percent by News Corp.

Comcast all but eviscerated FSN-Chicago in late 2003 when it persuaded the Cubs, White Sox, Bulls and Blackhawks to sign up with its fledgling Comcast SportsNet. The network began broadcasting in October.

Tribune Co., which owns the Cubs as well as the Chicago Tribune, is a part owner of Comcast SportsNet."


Now if News Corp. would only pull out of the country....