Murdoch in Sun Valley: No deals

July 9, 2008

murdoch.jpgConsummate dealmaker Rupert Murdoch, Chairman and Chief Executive of News Corp, strolled into the Sun Valley Inn for the first full day of Allen & Co’s annual mogul retreat.

Asked by CNBC reporter Julia Boorstin whether he was buying anything, he shot back, “Not today. Not this week.”

That might provide some small comfort for shareholders who have sent shares of News Corp sinking close to 30 percent since the beginning of the year on a variety of issues, including a sluggish economy and threats of an advertising recession. Shareholders also craw about the dreaded “Murdoch Discount” — investor concern the media tycoon will suddenly make another a big purchase.

Recent actions to privatize NDS Group, which nets News Corp an estimated $1.7 billion in cash, have only exacerbated those fears.

(Photo: Rick Wilking for Reuters)

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