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’What is going on inside News Corp’s board?
Events are moving ever more rapidly in News Corp-land, even before Rupert Murdoch’s appearance before British MPs later (starting 1430 UK time).
Compare (via Bloomberg):
News Corp. is considering elevating Chief Operating Officer Chase Carey to chief executive officer to succeed Rupert Murdoch,
The good, the bad, and the ugly, News Corp edition
You’ve heard of good banks, bad banks, and toxic assets.
What about a good, bad and a toxic News Corporation?
Nomura has a note on Monday that splits News Corp into three companies with distinct revenue and earnings profiles.
Snap News
Breaking pre-market news on Friday,
- BHP Billiton to buy Petrohawk Energy Corporation for $12.1bn — statement.
- Credit Suisse drawn into US tax probe — report.
- Rupert Murdoch says News Corp has only made some minor mistakes — report.
The news gets worse for News
While you were away from your desk…
Now, the statement was released after market close in the US, so we must look to Australia for the price action in News Corp.
Not good.
Politico says that Senator Rockefeller’s statement came after an ethics watchdog,
Suing the Murdoch ‘family candy jar’
A crisis is a terrible thing to waste — even in litigation.
Amalgamated Bank of New York and Central Laborers Pension Fund in March filed a writ against News Corp, alleging that its purchase of Elisabeth Murdoch’s Shine company was “nepotistic”.
Not bad for an octogenarian
Rupert Murdoch has taken action to prop up the News Corp share price.
A $5bn buyback.
Wow.
Before News Corp announced its plans to buy the 60 per cent of BSkyB it did not own, the company was under pressure to return more cash to shareholders,
The BSkyB can kicked into the long grass
This must be the fastest moving corporate story of recent times.
Just hours after Jeremy Hunt, UK culture secretary, fired off a letter to media regulator Ofcom asking them to help kick the buyout into the long grass,
Dear Ofcom…
… please help rid me of this wretched BSkyB buyout.
Can-kicking in the UK – BSkyB edition [updated]
And you thought kicking the can down the road was something they only did in continental Europe.
Wrong.
The UK government is also prepared to use to its size nine to boot – although in this country the can is kicked into the long grass not down the road.
News of the Screwed
How’s this for lancing the boil?
And now get ready for the Sun on Sunday…
Dark clouds gather over BSkyB buyout
Next stop 800 pence?
As we said on Wednesday, the likelihood of the BSkyB buyout being blocked is very slim.
In theory Ofcom, which has a responsibility to ensure that holders of broadcasting licenses are “fit and proper”,
NOTW Bene? [updated]
For the first time in the News of the World phone hacking scandal the share price of the mother ship is under pressure.
Meanwhile, on the other side of the Atlantic…
With the exception of Pestowire,
Myspace sold
March 2006, Fortune:
“It looks like the best acquisition we’ve made in a long, long time,” Peter Chernin, the second-in-command at News Corp., said in an interview with FORTUNE. “MySpace is the single biggest growth opportunity this company has.”
Sky News, and the irregular plurals
Are we missing something here?
Culture secretary Jeremy Hunt is satisfied that News Corporation’s planned float-and-leaseback of Sky News would “address concerns about media plurality”. An independent board will keep Rupert Murdoch from setting BSkyB’s agenda,
Let the battle for Sky commence [updated]
Now that the Secretary of State for Culture, Olympics, Media and Sport has approved News Corp’s bid for BSkyB (as long as it spins off Sky News) the real fun can begin.
News Corp sources have told the FT that any Sky investor expecting to get more than 750p-800p for their shares is going to be sorely disappointed.
Sky high, Digger humbled
Wanna know why Rupert Murdoch is determined to get the buyout of BSkyB done in a hurry?
Just take a look at Thursday’s half results from the Pay-TV company.
They are very impressive.
Revenues above expectation,
The Sky’s the limit for Vince
What price News Corp’s bid for BSkyB?
What price a new UK Business Secretary?
You can threaten to bring down the government and get away with it. Declaring war on media barons, however?
That’s a big no-no.
Dear Vince…
Related link:
Public interest intervention pursuant to Enterprise Act 2002 – Slaughter and May
EXCLUSIVE: MURDOCH CONTROLS ‘BANK’ FOR SUPER RICH (and poor)
If you register with Britain’s Financial Services Authority, you must be in the process of setting up an investment bank or something, right? And if you are doing that, then it must be for doing dodgy deals for squillionaires,
The BSkyB is the limit
When Nomura slapped a £10 target price on satellite broadcaster BSkyB earlier this week our reaction was to scoff. However, it looks like we are wrong. Sky really could be worth that sort of money.
That at least is the view Crispin Odey of Odey Asset Management reckons shareholders would be mad to sell out for anything like Rupert Murdoch is offering.
Blue BSkyB thinking (updated)
The price action in BSkyB on Tuesday morning following confirmation a highly conditional proposal from its biggest shareholder News Corporation.
As you can see, Sky was trading above 700p at pixel time.
Putting up the paywall
Murdoch said he was going to charge readers for online news, and here’s how he plans do it.
Presenting The Times and The Sunday Times paywall.
From a News International press release issued on Friday:
Friday rumourtrage (updated)
How’s this for a bit of RAW market information?
Rupert Murdoch’s News Corp to buy out the 60 per cent of a satellite broadcaster it does not already own.
A price of 735p-750p a share is being mentioned by traders.
Rupert gears up for the battle of the e-reader
It doesn’t happen often so when it does, you know something is afoot in the world of News Corp. Rupert Murdoch, who is currently on a swing through North Asia, has been personally visiting top management at a number of electronics makers and other companies in Japan and South Korea.
Murdoch to charge for all online content
Rupert Murdoch has vowed to charge for all the online content of his newspapers and TV news channels, going well beyond his plan announced in May to test pay models on one of News Corp’s stronger papers.
Murdoch revamps top team
News Corp has moved swiftly to restructure its top management team ahead of the imminent departure of Peter Chernin, with promotions for some of Rupert Murdoch’s key lieutenants. Chernin has been Murdoch’s right-hand man for several years but will step down in June to pursue a film production career.
Murdoch to run Fox as Chernin exits
Peter Chernin, president and chief operating officer of News Corp, is leaving after failing to agree a new contract with Rupert Murdoch, who will step in and take direct control of the Fox studio and broadcast businesses that his right-hand man has run for 12 years.
News Corp posts $6.4bn Q4 loss
News Corp on Thursday night forecast a worse than expected 30% drop in operating income this year and unveiled a $6.4bn quarterly loss. Rupert Murdoch’s media group took an $8.4bn non-cash writedown to reflect the deteriorating outlook for its television channels and Dow Jones,
Murdoch muddies the Microsoft/Yahoo battle
Rupert Murdoch has revived discussions over merging News Corp’s MySpace social network with Yahoo, potentially thwarting Microsoft’s planned $41bn takeover. While Mr Murdoch told investors last week that he would not make a bid for Yahoo,
A fine quarter for News Corp
News Corp’s Fox TV network hauled in $250m in advertising revenue on the strength of the most-watched Super Bowl ever – a performance that chief executive Rupert Murdoch called “the biggest day in our company’s history”.