News Corp bids for Dow Jones

Media giant makes unsolicited $bn bid for publisher of The Wall Street Journal.

    Shares in Dow Jones rose by 50 per cent as news of the takeover bid broke [AFP]

    News Corp. shares fell more than 4 per cent however as analysts said more exposure to the slow-growing newspaper industry would weigh on company financials.
     
    Media empire
     
    Analysts and media reports speculated that News Corp.'s offer, while high, could prompt other bidders to emerge, such as Bloomberg, The Washington Post or The New York Times.
     
    Bloomberg said there was "no truth" to the speculation. The two newspaper publishers declined comment.
     
    Owning Dow Jones would give Rupert Murdoch, the majority shareholder in News Corps expensive, but powerful financial news clout backed by the venerable Wall Street Journal brand ahead of his planned fourth-quarter launch of a business news cable channel.
     
    Dow Jones could provide the new Fox Business Channel with a steady stream of real-time news from Dow Jones Newswires, a growing Internet presence, and analysis from Wall Street Journal and Barron's reporters.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    From Cameroon to US-Mexico border: 'We saw corpses along the way'

    'We saw corpses along the way'

    Kombo Yannick is one of the many African asylum seekers braving the longer Latin America route to the US.