News Corp. closes Heritage Media buy

NEW YORK — News Corp. on Wednesday completed its $1.3 billion acquisition of Heritage Media Corp., giving the media conglomerate a greater presence in marketing services.

News Corp. issued 53.2 million preferred shares worth about $780 million to pay for Heritage and will assume debt of $600 million, although the cost of the deal will be reduced by News Corp.’s agreement to sell Heritage’s TV stations for $630 million to Sinclair Broadcast Group.

News Corp. stock rose 25¢, to $17.75, while News Corp. preferred stock rose 56¢, to close at $14.68.

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