By: Shira Ovide, Dow Jones Newswires
(AP) News Corp. said Wednesday it sold its stake in the Staples Center in Los Angeles for $128 million.
In a filing with the Securities and Exchange Commission, the media giant said it will record a loss of about $7 million on the sale of its 40% stake in the sports and entertainment complex. The filing didn’t say in which accounting period the company will record the loss.
In connection with the sale, News Corp. said it was released from several guarantees totaling $22.6 million outstanding at the time of the sale in May.
The Los Angeles Times reported earlier this month that Anschutz Entertainment Group, controlled by entrepreneur Philip Anschutz, had bought the stake held by News Corp.’s Fox Cable Network Ventures. The newspaper, citing city officials, estimated the deal at $200 million.
The Anschutz group operates the Staples Center, home of Los Angeles professional sports teams including the Lakers, Clippers and Sparks basketball teams and the L.A. Kings hockey team. News Corp.’s Fox television network is a corporate partner of the arena.
Anschutz recently purchased the San Francisco Examiner.