Connect with us

International Circuit

Even bad news is good news for Rupert Murdoch

A remarkable thing about Rupert Murdoch is that the wily media mogul makes out OK even when his plans fall apart. Despite abandoning the idea to recombine his Fox FOXA.O and News Corp NWSA.O empires, simply proposing and studying the idea helped uncover some hidden value. In any case, he’s likely try to unite them again someday anyhow.

Murdoch’s plan to unite the $18 billion TV company with the $12 billion publisher of the Wall Street Journal endured significant pushback, and the logic of a merger doesn’t stack up. In the process, however, investors came to appreciate News Corp’s online real estate portals and other aspects of the business a little better. Its shares are up by nearly a third since the two companies formed special board committees in October to evaluate a deal.

Instead, News Corp looks poised to sell Move, owner of and other similar sites. The next step could be to spin off its Australia peer REA REA.AX. It would help streamline the company and crystallize its worth. Both Fox and News Corp conceded on Tuesday that a merger wasn’t a good idea for shareholders “at this time.” It suggests that Murdoch, who tends to get his way, will eventually try again. Reuters

Copyright © 2023.Broadcast and Cablesat

error: Content is protected !!