Jun 29, 2017

Lombard: Sky investors’ confidence in Murdoch’s waning influence

So a politically weakened minster now feels "Minded" to order a probe into media plurality concerns - despite Fox twice offering undertakings to safeguard the Sky News channel's independence. The focus of any probe will be on the Murdoch Family Trust's ability to influence the UK news agenda - despite 13m voters proving how little influence it actually has. Shareholders in the Murdoch business behind the Sky bid, 21st Century Fox, appear to have reason to bemoan this tabloid ineptitude. Analysts at RBC calculated that an approved Sky deal was worth $4 a share - or 15 per cent - to Fox investors, based on year-one earnings accretion and a 100 per cent deal probability. Why did shares in both Fox and Sky rise 2-3 per cent on the minister's "Minded" decision?

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