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Rupert Murdoch is set to achieve his decades-long dream of running the venerable Wall Street Journal after Dow Jones' board agreed to News Corp's $5 billion buyout offer.
Stocks closed broadly lower after a mortgage lender said it is unable to borrow money and crude oil closed above $78 a barrel for the first time. "We think the corrective phase in the financials is not yet over," said John Roque, technical analyst at Natixis Bleichroeder.
Rupert Murdoch's News Corp. has won enough shareholder support to acquire Dow Jones, publisher of the Wall Street Journal, CNBC's David Faber reported. A definitive agreement is expected as early as Tuesday night, Faber said, citing people familiar with the situation.
Three months after CNBC first broke the news that News Corp. was offering $60 a share to buy Dow Jones, enough of the company's controlling shareholders have now voted in favor of the deal, making it a reality. These last three months have been a story worthy of the Wall Street Journal's pages, where it has often wound up, and the last 24 hours have been no exception.
CBS announced second-quarter earnings that disappointed on the top line, beat expectations on the bottom line, and landed flat with growth-hungry Wall Street. Revenue disappointed--down 3% to $3.37 billion on a loss of TV revenue from shutting down UPN and the timing of the NCAA basketball tournament.
Stocks are ready to spring higher on the opening as economic data, earnings and some merger news gets investor attention this morning. GM's better-than-expected earnings report is adding a positive tone.
Despite all the concern about the credit crunch, a big private equity deal seems to be moving forward. On Monday, John Malone, Chairman of Liberty Media tells the Financial Times he's considering enterting the auction for Richard Branson's Virgin Media. This could be a huge deal--the largest cable transaction outside the U.S.
Rupert Murdoch's News Corp. appeared to be inching closer to a deal to buy Dow Jones and gaining enough support from the divided Bancroft family, but both sides were still wrangling over the price.
With a deadline to weigh in on News Corp.'s $5 billion offer for Dow Jones fast approaching, the outcome remains far from certain, said CNBC's David Faber.
Stocks closed higher, helped by buying in the financials sector, as bargain hunters shrugged off lingering concerns about corporate financing. "The question many investors should ask is whether deals are merely being re-priced, which seems appropriate, or will be cancelled," said Jason Trennert of Strategas Research.
Futures are perking up this morning and are setting stocks up for a firmer opening. Traders are turning their attention to earnings and some percolating merger news, and there's a calm on Wall Street after Friday's late day, mad dash down-hill ride for stocks.
After paying their dues on the small screen for 18 years, "The Simpsons" have become movie superstars in just one day.
Members of the family that controls Dow Jones jostled over their positions on News Corp.'s $5 billion bid on Friday, as a dark horse rival prepared a revised proposal.
A branch of the Bancroft family will vote against News Corp's $5 billion bid for Dow Jones, putting pressure on Rupert Murdoch to raise his offer, The Wall Street Journal reported its Web site Friday.
The buzz about Fox's "The Simpsons Movie" has been so hot--and tracking of knowledge of the film so broad--that Fox is expanding the film's debut to 3,922 theaters and about 5,700 screens. Fox is cautiously expecting to hit the mid $30 million dollar range, but the average prediction for the $70 million budget film's opening weekend is over $57 million dollars, and it's sure to take the top spot.
Rupert Murdoch would allow Dow Jones to continue editorial independence if his bid for the publisher of The Wall Street Journal succeeds, according to the chairman of Ireland's top newspaper publisher.
Gideon Yu, 36, became chief financial officer of video-sharing sensation YouTube in September of last year, shortly before the company was acquired by Google in a $1.65 billion deal.
The family that controls Dow Jones expects to decide by early next week if it wants to sell the company to Rupert Murdoch's News Corp. for $5 billion, a source familiar with the matter said on Tuesday.
Members of the Bancroft family, which controls Dow Jones, may decide by the end of the week whether to accept a $5 billion offer by Rupert Murdoch's News Corp. for the publisher of The Wall Street Journal.
A senior member of the family that controls Dow Jones said on Monday that he expects the family to decide by Friday whether to sell itself to Rupert Murdoch's News Corp. for $5 billion.