Saban Forces His Way Out Of Fox Family

files/pictures/picture-35.jpgChildren's TV executive Haim Saban has exercised his option for News Corp.'s Fox Broadcasting to buy his 49.5% in the Fox Family Worldwide Inc. cable network. As part of the original agreement, each side will enlist an investment bank to determine the fair market value of the company. If the two numbers come within 10% of each other, the final purchase price will be the average of the two numbers. If they differ by more than 10% than a third bank will be brought in to mediate the settlement. Each parties' bank must determine Fox Family Worldwide's value by January 31, 2001. Saban estimates that his share of the US$6 billion company is $2 billion. The company includes Saban Entertainment Inc., Fox Family Channel, the Fox Kids Network and a 76% share in Fox Kids Europe. Whether Saban will remain as chairman and CEO of Fox Family is yet to be announced.