Wednesday, August 11, 2010

News Corp stands by offer for BSkyB

News Corp, the enviable media company owned by James and Rupert Murdoch has offered to buy 61 percent of British Sky Broadcasting, an offer worth £7.8bn ($12.4bn) offer which was rejected at its outset by BSkyB.

In mid June, 2010, the directors of BSkyB demanded an offer of additional £1bn. Meanwhile both the parties have agreed to follow a regulatory approval for the deal before they finally agree on the price.

Speculations about the deal were abuzz especially when News Corp company results declared net profits in the quarterly results. These results revealed the strength of pay TV business which accounts for half o f the global media conglomerate’s operating income.

Mr. Chase Carey, deputy chairman of News Corp is of the opinion pay TV business is likely to grow substantially in the coming years. While Fox News leads the race by enjoying triple profits in the past years, many other international channels are likely to earn more than double profits in the coming years.

A cause of worry seem the Sky’s broadcast TV division especially Sky Deutschland, the struggling German satellite TV service of which News Corp already owns 45 per cent. News Corp has sought a refinancing offer for its shares which are worth €340m ($448m) at least.

On the positive side, in the year 2010 News Corp has enjoyed substantial increase in its operating income earned from big advertising revenue which otherwise declined in the year 2009

Keeping in mind the future scope of business, Mr Murdoch has plans to set up a digital business around tablet gadgets, he has been seriously considering diversifying into news segment which revolves around these tablets. Barry Fox, veteran electronics journalist and media pundit

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