With its bid for broadcaster BSkyB (BSY.L) withdrawn, News Corp (NWSA.O) is turning its attention to fighting the political and legal fallout of the UK phone hacking scandal and is unlikely to rush any decision on asset sales. Chief Executive Rupert Murdoch and his management team have closed the scandal-hit tabloid News of the World and aborted the $12 billion deal to take over BSkyB, taking care of the two most pressing business issues before the company. The aborted BSkyB bid will cost Wall Street banks some $80 million in lost advisory fees, according to Thomson Reuters and Freeman Consulting. Any asset disposals such as a possible sale of News International -- the unit that holds British newspapers -- are a lower priority now than dealing with the political upheaval and regulatory probes in Britain, a source close to the situation said.
News Corporation is a diversified global media company. Shares of NWSA traded higher by 3.78% or $0.58/share to $15.93. In the past year, the shares have traded as low as $11.91 and as high as $18.35. On average, 21393200 shares of NWSA exchange hands on a given day and today's volume is recorded at 147257664.
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