New York, July 25, 2014 -- Moody's Investors Service said that Twenty-First Century Fox, Inc.'s ("FOX") announcement today that it has entered into a definitive agreement with British Sky Broadcasting Group plc ("BSkyB" -- Baa1 senior unsecured, ratings on review for downgrade) to sell its wholly-owned Sky Italia business and its 57.4 % ownership interest in Sky Deutschland, will not impact the company's Baa1 senior unsecured debt rating or the stable outlook. FOX will receive $9.3 billion in value from BSkyB comprised of $8.6 billion in cash and BSkyB's 21% interest in National Geographic Channels International, raising FOX's ownership interest to 73%. Also, FOX will participate in BSkyB's announced equity offering by purchasing $900 million of additional BSkyB's shares in order to maintain its 39.1% stake. The company will receive net after tax proceeds (factoring all elements of the transaction) of approximately $7.2 billion. Sky Italia and Sky Deutschland together represent FOX's entire Direct Broadcast Satellite Television segment, which contributed approximately 19% and 7% to the company's consolidated revenues and EBITDA in the LTM period ended 3/31/14.

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