MEDIA & ENTERTAINMENT

News Corp. Plans Bond Sale: Australian media giant News Corp. expects to raise about $1.7 billion from the combined sale of equity and junk bonds. The media conglomerate, controlled by Rupert Murdoch, includes 20th Century Fox Film Corp., British TV service Sky Broadcasting and major Australian and British newspapers. The equity offering has raised about $697 million and opened the way for the largest junk bond offering this year. The company’s U.S. subsidiary is offering $1 billion of debentures yet to be priced. News Corp. said it will use the proceeds as part of its ongoing effort to reduce bank debt and extend maturities of its debt.