Off Topic Re: News Corp
News Corp. yesterday sold almost 20 percent of Fox, or 124.8 million shares, at $22.50 each. Prompted by heavy investor demand, News Corp. boosted the IPO almost 50 percent from 85 million shares.
Chairman Rupert Murdoch is expected to use cash raised from the stock sale to pay down some of News Corp.'s $9 billion in debt, as well as to pay for acquisitions and investments. He may extend the company's sports interests, which includes the Los Angeles Dodgers baseball team and half of Fox Sports channel.
"Nine billion is a lot of debt to carry. The lower they get that immediately the better off they are down the road to make acquisitions," said Barry Hyman, analyst at Ehrenkrantz King Nussbaum, who holds a "buy" rating on Fox. "We will see Fox expand into sports a little bit more to better compete with ESPN."
I know I'm dreaming, given that they gave them no play during the world series, but it has always been my hope that Fox would buy out Questec.
BTW, does Questec have a soccer product?
Fox recently paid a hefty sum for a soccer team in England.
Something is keeping this stock afloat ( basing in the .20-.25 range)
despite the lack of exposure during the World Series. I'm just relieved we didn't freefall into the sub .10 range.
Happy Veterans Day all,
GP |
