Chernin using 'shotgun clause' in all or nothing deal
News Corp. will become the sole owner of Germany’s Vox by mid-January or sell its 50% stake in the TV channel to its partner Bertelsmann, according to News Corp. president and chief operating officer Peter Chernin.
Speaking to investors at the PaineWebber media conference Tuesday in New York, Chernin said a “shotgun” clause in the partnership requires each investor to name a price, with one of them buying up the pieces of Vox they don’t already own sometime between Jan. 1 and 14. News Corp. would like to be the buyer.
Bertelsmann owns 25% of Vox. The remaining 25% is owned by Canal Plus of France, which wants to exit Germany and will likely sell to the party that winds up with 75% of the channel.