Big Media Consolidation
News of the proposed purchase rocked much of the media world when the bid for $60 per share was made in April, though it was welcomed by many outside observers. While the purchase of the financial news powerhouse might seem out of the ordinary for the owners of the Sky network and Fox, a number of outside observers believe that it might be the push that the Wall Street Journal and other Dow Jones assets need to improve their awareness and relevance in new markets. It could be argued, though, that the Wall Street Journal and Dow Jones already carry sufficient brand recognition not to require assistance from News Corporation.
Even if the deal has not yet been settled, most sources agree that the deal is only a matter of days away from being settled, for a purchase price in the range of $5 billion USD.
It appears that the removal of bids from the owners of the Financial Times and GE led to News Corporation's bid (with a 67% premium) being the last one standing.
7 July 2007
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