NEW YORK — Shares of Intl. Family Entertainment Inc. jumped 11% on Monday on renewed speculation that a deal is close for a purchase of the Family Channel’s parent company.
Rupert Murdoch’s News Corp. and the Walt Disney Co. are the leading contenders. IFE, whose controlling shareholder and chairman is Pat Robertson, received a bid of $1.8 billion from News Corp. (Daily Variety, June 2).
On the news, Intl. Family Entertainment’s shares rose $3.12 to close at $31 in late-afternoon trading on the New York Stock Exchange.