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Friday, December 28, 2012

News Corp buys regional sports channel in Ohio, (NASDAQ: NWSA)

News Corp said on Friday it bought SportsTime Ohio, a regional sports network based in Cleveland that broadcasts Cleveland Indians baseball games. The company did not disclose financial details of the deal. A source close to the matter said on Friday the deal was worth roughly $230 million, which Reuters first reported on Dec. 3 .The network also airs programming about the Cleveland Browns National Football League team, college football and high school sports.News Corp said in a statement that the regional sports channel it already owns, called Fox Sports Ohio, will receive the long-term rights to air Cleveland Indians baseball games. That regional Fox channel is available in 5 million homes.Fox Sports, which operates or holds stakes in 20 regional sports networks, provides sports programming to more than 67 million subscribers. It held the rights to Cleveland Indians games until 2006.

News Corporation is a diversified global media company. Shares of NWSA traded higher by 0.28% or $0.07/share to $24.96. In the past year, the shares have traded as low as $13.55 and as high as $24.04. On average, 19309000 shares of NWSA exchange hands on a given day and today's volume is recorded at 6464809.