Business Services Industry
News Corp leaps from black hole.
Australasian Business Intelligence, May, 2002
May 15, 2002 (The Age
ABIX via COMTEX) -- Shares in global media group, News Corporation, surged by 14 on 15 May 2002. The stock rose by $A1.66 to close at $A13.58 on the Australian Stock Exchange, increasing the group's market capitalisation by $A8.3bn, as investors welcomed chairman Rupert Murdoch's plans to curb the company's growth ambitions and, instead, concentrate on his core media business. News Corporation surprised the market after the close of trade on 14 May by revealing a 58 rise in operating income to $A1.06bn for the March quarter. The result, however, was marred by the $US4.2bn ($A7.7bn) write-off of the group's stake in the US interactive television guide service, Gemstar. Most divisions enjoyed double-digit growth. As a result, News...
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