Breakingviews

Listen to Murdoch’s muzzled minorities

July 22, 2014

Most Fox believers are relegated to owning non-voting stock, the same second-tier paper on offer to Time Warner shareholders. While there’s broad investor overlap in the two companies, the record shows a clear distaste for the imperialistic ways of media mogul Rupert Murdoch.

Time Warner can justifiably hold out for more

July 18, 2014

Though Rupert Murdoch’s $80 bln bid includes a 20 pct premium, his quarry may have been on track to achieve the offer price on its own. Time Warner also should be able to get more credit from the market for its growth. That gives boss Jeff Bewkes some negotiating power with Fox.

Murdoch may be heading for Pyrrhic Time Warner win

July 17, 2014

The media mogul’s rebuffed $80 bln bid for his rival already looks a stretch. He’d need more than twice the $1 bln of expected synergies to cover that premium – and a ton of debt. History suggests the octogenarian won’t give up – and may destroy value by offering more.

Dual-share inequity to figure in Time Warner fight

July 16, 2014

If Rupert Murdoch wants to own the HBO-to-Looney Tunes conglomerate he needs to be willing to convert Fox into a one- share, one-vote company. The combo would be too big for a takeover anyway. The irony is that Fox’s super-votes are what give Murdoch the chutzpah to attempt a deal.

Hapless former WSJ owners could yet sting Murdoch

July 14, 2011

Add to Rupert Murdoch's list of potential headaches a blast from the past: the Bancroft family.

Tip for the Murdochs: don’t be yourselves

July 15, 2011

Don’t be yourselves. That’s probably the best tip for Rupert and James Murdoch as they prepare to face UK lawmakers over the phone hacking scandal engulfing the UK newspaper arm of News Corporation.

In all, News Corp’s papers could be worth $6 bln

July 22, 2011

News Corp’s newspaper business makes up 18 percent of group revenues, and 13 percent of operating profits, mostly in Australia. Despite Murdoch’s apparent determination to retain the UK titles, a selloff may have attractions to News Corp’s outside shareholders.

Rupert Murdoch’s sham governance on full display

October 25, 2011

A majority of stockholders who don’t share the media mogul’s last name snubbed the nomination of his children, James and Lachlan, to the board.

Murdoch all but erases discount he inflicted

June 26, 2012

When the phone-hacking scandal struck News Corp and its shares last year, a Breakingviews calculator found the company trading in the market at about 30 pct less than its sum-of-the-parts value. Plans to spin off the publishing arm may complete an improbable run to close the gap.

Split wouldn’t fix all News Corp’s shortcomings

June 27, 2012

Spinning off the scandal-hit publishing arm could make the core movie and broadcasting businesses more focused and valuable. So outside investors should approve. But News Corp’s political rehabilitation may be slow, especially if the Murdoch family keeps control of both parts.