NEW YORK, Jan. 17, 2005 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the Court of Chancery in the State of Delaware on behalf of holders of Fox Entertainment Group, Inc. (NYSE:FOX) ("Fox" or the "Company") shares, challenging the fairness of the recent merger proposal made by the News Corporation (NYSE:NWS) ("News Corp.")
Investors allege that on January 10, 2005, Fox announced that News Corp., which owns more than 80% of Fox's outstanding stock, had made a proposal to acquire all of the Company's common stock that it does not already own. The consideration offered in the Buyout is wholly inadequate and fails to offer fair value to the Company's shareholders for their equity interests in Fox. In fact, the Buyout offers a mere 7% premium over Fox's closing stock price on January 7, 2005, the last trading date prior to the announcement. Further, the Defendants have breached their duty of loyalty to the Company's stockholders by abusing their control of Fox to force Plaintiff and the Class to exchange their equity interest in Fox at an unfair price.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you have any questions about the claim and how it might affect your rights, please contact:
Vivian Lee KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: vlee@kmslaw.com