Business Services Industry
Murdoch sells Fairfax stake at profit.
Australasian Business Intelligence, May, 2007
Byline: Neil Shoebridge
May 07, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Australian mass media company, News Limited, sold its stake in Fairfax Media on 7 May 2007. News had bought the 7.5 per cent holding in October 2006 for $A5.20 a share. The acquisition raised speculation that Rupert Murdoch, executive chair of News, would participate in any takeover of Fairfax Media. The shares were sold for $A5.07 each. This produced a small profit, because of an interim dividend and the appreciation of the Australian dollar. Fairfax's takeover of Rural Press, to be completed on 9 May, would have reduced the stake to about five per cent.
Publication Date: 8 May 2007
NEWS CORPORATION - ASX NWS
NEWS LIMITED
FAIRFAX MEDIA...
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