News Corp share prices today 18 july 2011

Indonesia stock info - News Corp share prices today 18 july 2011 : News Corp's (NWS.AX) Australian shares fell more than 7 percent to a two-year low as the UK phone hacking scandal fallout worsened, while investors worried that a $2 billion bid for an Australian pay-tv firm involving News Corp could be derailed by political intervention.

Investors dumped News Corp shares in heavy volumes on Monday rather than try to anticipate how investigations into the scandal may unfold.

"I think people would rather be cautious and mark it down rather than find a reason to defend it," said Invesco senior investment manager Jackson Leung in Melbourne. Invesco is News Corp's second-largest institutional shareholder with a 1.68 percent stake, according to Thomson Reuters data.

"I would rather sit and wait to see if there are any more developments on it," Leung said.

Shares in News Corp takeover target pay-tv firm Austar (AUN.AX) also fell on worries the deal may not proceed after the furor in Britain forced News to drop a $12 billion plan to buy all of highly profitable broadcaster BSkyB (BSY.L).

Austar has agreed to a $2 billion-plus takeover offer from its bigger rival Foxtel, which is owned by News Corp's (NWSA.O) News Ltd division, billionaire James Packer's Consolidated Media Holdings (CMJ.AX), and telecoms firm Telstra (TLS.AX).

The Australian government last week said it may review media laws and ownership, following pressure from the influential Greens party.

Rupert Murdoch's News Ltd dominates the Australian newspaper industry, commanding nearly three-quarters of daily metropolitan newspaper circulation, and the UK scandal has riveted attention in his homeland.

Murdoch, who now has U.S. citizenship, started his global media empire in Adelaide when he inherited the now defunct Adelaide News from his father, Sir Keith Murdoch.

He owns 150 national, capital city and suburban news brands in Australia, which include mass circulation daily tabloids in Sydney (Daily Telegraph) and Melbourne (Sun Herald) and the national daily The Australian.


Related Post:

at 11:42 PM
Labels: ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)