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.Skip to next paragraph
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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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