UPDATE 1-News Corp COO says retransmission talks imminent

* Talks with partners are "imminent"

* Fox needs business model that recognizes its value

* Time Warner Cable inks retrans deal with Fox affiliates

NEW YORK, Dec 7 (Reuters) - News Corp's (NWSA.O) Chief Operating Officer Chase Carey said on Monday his company will soon be holding talks with cable and satellite TV operators to negotiate fees for the right to carry its Fox TV broadcast network.

Carey said the talks are "imminent" and described the fees currently charged by some of its broadcast affiliate partners as "cheap."

News Corp has become more vocal in recent months about the need to make video distributors pay up for retransmitting its free-to-air broadcast network.

"We need to have a business model that recognizes the value Fox brings to the market place," Carey said at the UBS Media investor conference in New York.

Carey declined to give a precise number on how much Fox could charge per subscriber for the right to carry its network.

When asked about Fox affiliate broadcast partners who charge local cable partners around 25 cents a subscriber he said it was low.

"Yes, they're selling it cheap, that's pretty clear. We believe that what we'll be asking is more than fair," Carey added.

Other companies such as CBS Corp (CBS.N) have also made retransmission deals a priority as broadcasters are hurt by the shift of viewers and advertising dollars from broadcast to cable networks.

Time Warner Cable Inc (TWC.N), the second largest cable network, said on Monday it entered into a one-year extension of its retransmission consent agreement with Sinclair Broadcast Group, including some Fox affiliates in Ohio, New York and Texas. The terms of the agreement were not disclosed. (Reporting by Yinka Adegoke; editing by Andre Grenon)