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Update: News Corp. Reportedly Buying Chris-Craft
Updated from 5:51 p.m. EDT
Chris-Craft Industries(CCN Quote), said late Friday that it and its subsidiaries were involved in merger negotiations with another big media company after its talks with Viacom(VIA Quote) broke down.
Although Chris-Craft did not identify its latest suitor, the Wall Street Journal and the Associated Press reported late Friday that News Corp.(NWS Quote) had agreed to buy the television station company for $85 a share. Those reports, which did not identify their sources, could not be immediately confirmed Friday evening. But such a deal would represent a 37% premium over Chris-Craft's closing stock price Friday and would value the company at more than $3.5 billion. ...
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