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With 1 hit, many heirs, News Corp. is a pass; Succession weighs on media giant's shares; foreign assets a strength.(The News Corporation Ltd)(Peter Chernin designated as successor of News Corp.)
Crain's New York Business, August, 2005 by Flamm, Matthew
Byline: Matthew Flamm News corp. has always had its fingers in so many media pies around the world that the company is difficult for investors to understand, much less love. The fact that its shares have gone nowhere in the past four years certainly doesn't help. After the surprise resignation of one of Chief Executive Rupert Murdoch's sons last month, and mounting talk of succession problems, the stock is stumbling.
On Friday it closed at $17.11, roughly $2 south of where it began the year. Investors should stay away. The race to succeed the 74-year-old patriarch is not the only soap opera factor complicating matters. Another is long-running negotiations with cable television giant Liberty Media over its 18% stake in the voting shares of News Corp....
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