News In Brief
In an attempt to stave off financial insolvency, South Korea's largest industrial conglomerate, the Hyundai Group, announced a restructuring effort. Under the plan, the company's founder, Chung Ju-yung, has agreed to sell a 6.1 percent stake in the company's profitable carmaking unit to the Korean Exchange Bank, Hyundai's main creditor. The bank reportedly will direct the $220 million from the sale toward salvaging Hyundai's debt-ridden construction and engineering business. The plan also includes the retirement of Chung and his two sons, who head the company's carmaking and electronic units.
Media giant News Corp., owner of the Fox television network, is set to buy Chris-Craft Industries Inc. for about $5 billion, a source familiar with the deal said. Controlled by media magnate Rupert Murdoch, News Corp. outbid rival Viacom Inc. to purchase the New York-based company, which owns 10 television stations, including an 80 percent share of BHC Communications Inc. and a 58 percent stake in United Television Inc. The acquisition would add to News Corp.'s extensive media holdings, including 22 television stations in Australia, Britain, and the US.
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