Wednesday, July 13, 2011

GOTCHA!

    In the last half hour or so it has been announced that NewsCorp is withdrawing its bid to take full control of BskyB.

    The move comes just before a parliamentary debate on the Murdoch bid for the satellite company. The Murdoch empire still retains a 39% stake and thus has effective control, with James Murdoch as chairman. The recent revelations may well focus attention on James Murdoch's fitness to continue in this role

    It's been a crappy year or so for the Murdochs: It has been already been pilloried for massively overpaying for Dow Jones and the Wall Street Journal and selling off Myspace at an enormous loss... and then there is the small matter of paying hundreds of millions for Elizabeth Murdoch's production company.

    All in all it looks like the Dirty Digger has lost his Midas touch and replaced it with a Sadim one. While it would not bother me if everything else he touches continues to turn to shit, Newscorp shareholders may well take a different view.

    I wonder if we will her of Rupert's "retirement" in the not too distant future. That said another one of the clan will probably take his place... Hiho



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