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News Corp To Sell News America Marketing Business To Charlesbank Capital

News Corp said it agreed to sell its News America Marketing business or "NAM" to Charlesbank Capital Partners, a private equity firm with offices in Boston and New York.

The deal follows a strategic review of NAM as part of News Corp's efforts to optimize its portfolio and simplify the structure of the company.

As per the terms of the agreement, News Corp will receive cash consideration of up to about $235 million, comprised of $50 million in cash upon closing of the transaction and additional deferred cash payments in an aggregate amount of between $125 million and about $185 million, depending on the timing of such payments.

The deferred consideration is payable on or before the five-year anniversary of closing. In addition, News Corp has the opportunity to benefit from NAM's future success through an option to retain up to 15% equity in the business.

The transaction is expected to close in the fourth quarter of fiscal 2020.

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