John Corn
03-24-03, 05:56 AM
SYDNEY, March 24 (Reuters) - Shares in Rupert Murdoch's (News) News Corp Ltd dropped on Monday after a British newspaper reported the media giant was poised to make a $7 billion bid for Hughes Electronics Corp's (NYSE:GMH - News) DirecTV as early as this week.
News Corp shares fell 45 cents or four percent to A$10.83 in morning trade before clawing their way back to A$10.97 by midsession, as investors fretted the media giant may be prepared to shell out for a much bigger Hughes stake than expected.
"If the $7 billion figure is right in the Observer, absolutely that will be the reason they're going down," said Tony Wilson, media analyst at UBS Warburg (News - Websites).
"But I just doubt the $7 billion figure is right."
Full Story (http://biz.yahoo.com/rc/030323/media_australia_newscorp_1.html)
News Corp shares fell 45 cents or four percent to A$10.83 in morning trade before clawing their way back to A$10.97 by midsession, as investors fretted the media giant may be prepared to shell out for a much bigger Hughes stake than expected.
"If the $7 billion figure is right in the Observer, absolutely that will be the reason they're going down," said Tony Wilson, media analyst at UBS Warburg (News - Websites).
"But I just doubt the $7 billion figure is right."
Full Story (http://biz.yahoo.com/rc/030323/media_australia_newscorp_1.html)