|
The presentation followed a series of confidence-building announcements focused on the publishing spin-off. News Corp. said in March the publishing unit would have $2.6 billion in cash and no debt, and on Friday it said the unit was authorized to buy back $500 million in shares, which is seen as buttressing its share price if there is a sell-off once existing shareholders are distributed new shares in the publishing company. Analyst Todd Juenger of Bernstein Research said the stock market was putting little to no value on the publishing side in a research note Tuesday. He valued 21st Century Fox at $34 per share- slightly higher than the $33.24 News Corp. shares closed at Tuesday
-- and $6 per share for the publishing unit. He suggested buying shares now to get publishing unit shares "for free," or waiting to "scoop up" publishing shares in case there is a sell-off on June 28, the date of the split. "If new News gets left for dead ... then scoop up new News at a bargain price," he recommended. Dow Jones CEO Lex Fenwick also talked about new products that take aim at Bloomberg's financial data and news services in Tuesday's presentation. A product called DJX will include a wire service that gives institutional subscribers a 2-minute head start on news broken by The Wall Street Journal and Dow Jones reporters. Fenwick said the new News Corp. has a "huge opportunity" if it can expand on its less than 1 percent market share of what he said was $40 billion in spending every year by financial institutions on such niche data and news platforms.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor