BREAKING NEWS

US philanthropist, billionaire John Kluge dies

By ASSOCIATED PRESS

SEPTEMBER 9, 2010 08:27

John Kluge, once listed as the wealthiest man in America, who built an investment in a radio station into a broadcasting empire that was the forerunner to Fox Television, has died. He was 95.

The University of Virginia said Wednesday that Kluge died Tuesday at his home near Charlottesville, Virginia.

In 1983, Kluge took Metromedia Co. private in a leveraged buyout and then sold off properties piecemeal for $4.65 billion, including the 1985 sale of seven big-city television stations to Rupert Murdoch for $2 billion. The stations, including ones in New York, Los Angeles, Los Angeles and Houston, served as the basis for Murdoch's Fox television network.

Kluge personally netted more than $1.6 billion in the sales.

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