Not one to normally front Australia’s fund managers on roadshows, Murdoch was the headline attraction at a small and private dinner held only a few kilometres from his home in Sydney’s inner-east.
Perhaps playing to the small crowd, he repeatedly stressed he was 100 per cent focused on creating shareholder value, according to those at the dinner. It was a friendly crowd; money is the name of the game in funds management, and fund managers tend to bow down to billionaires.
, calling it the next logical step of the strategy that led the media billionaires to sell entertainment giant 21st Century Fox to Disney in 2017 for $US52 billion.It was about bringing together live sport and news, two things that consumers want immediately and are arguably less discretionary than TV entertainment and movies – but the deal was off a few months later called “not optimal for shareholders of News Corp and Fox at this time”.
Those close to him say he’s been fronting investors in the US for a while, just not Australia. Fox Corp isn’t listed in Australia, while News’ ASX-listing is small.One thing that stuck in the Australian fund managers’ heads were Murdoch’s remarks about MHe said large media sector deals were hard to get past the antitrust regulator in the United States – which is similar to deals in every concentrated sector in Australia.
Of course, it has not been all winners. He’s still remembered for One.Tel, a telecommunications company that collapsed in 2001, and Channel Ten owner Ten Network Holdings, which went into administration in 2017.One of his loudest supporters in Australian markets is Sydney stockbroker Angus Aitken, who is known for backing family-led businesses and was quick to tell clients that News Corp was in good hands.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: SBSNews - 🏆 3. / 89 Read more »