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☆ Paul Ryan will be deposed in Dominion's $1.6 billion defamation lawsuit against Fox News over election conspiracy theories
▼ + stars: | 2023-01-30 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Dominion is scheduled to depose Paul Ryan in its lawsuit against Fox News. The company alleges Fox News pushed false conspiracy theories about its role in the 2020 election. Ryan joined the Fox Corporation board of directors in 2019 after choosing not to run for re-election in the 2018 midterms. A Friday court filing also shows that Dominion is soon scheduled to depose Raj Shah, another Fox Corporation executive. Dominion deposed Fox Corporation chairman Rupert Murdoch over two days, on January 19 and 20, court records show.

☆ S&P 500 closes slightly red as weak corporate guidance fuels recession fears
▼ + stars: | 2023-01-25 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Fourth-quarter earnings season has shifted into overdrive, with 95 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings dropping 3.0% year-on-year, nearly double the 1.6% drop seen on Jan. 1, per Refinitiv. Five of the 11 major sectors of the S&P 500 ended lower, with utilities (.SPLRCU) suffering the largest percentage loss. General Dynamics Corp (GD.N) beat quarterly expectations, but a weak 2023 forecast helped send the defense contractor's shares sliding 3.6%. The S&P 500 posted 8 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 61 new highs and 30 new lows.

☆ Wall Street dips as weak corporate guidance fuels recession fears
▼ + stars: | 2023-01-25 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Fourth-quarter earnings season has shifted into overdrive, with 95 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings dropping 3.0% year-on-year, nearly double the 1.6% drop seen on Jan. 1, per Refinitiv. Most of the 11 sectors of the S&P 500 were red, utilities (.SPLRCU) suffering the largest percentage loss. General Dynamics Corp (GD.N) beat quarterly expectations, but a weak 2023 forecast helped send the defense contractor's shares sliding 3.2%. The S&P 500 posted 6 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 52 new highs and 26 new lows.

NEW YORK, Jan 25 (Reuters) - Large shareholders in News Corp (NWSA.O) on Wednesday applauded Rupert Murdoch's decision to withdraw a proposal to reunite the owner of Dow Jones and Fox Corp , as News Corp decided to pursue a sale of Move Inc instead. On Tuesday, activist investment firm Irenic Capital, which had also opposed the proposed reunion of Fox and News Corp, applauded the decision to not move forward. Cowen & Co's Doug Creutz said investors were pleased by the decision to walk away from a potential combination, saying that pressure from investors like T Rowe Price weighed on the Murdoch's decision to pursue the deal. Fox shares were up about 2% on Wednesday. "The other big question is – does News Corp give their shareholders their pro-rata shares of REA in addition to selling Move?

Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have large cloud businesses, fell about 1% each. The S&P 500 technology index (.SPLRCT) shed 1.3%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 0.4% and 3%. News Corp (NWSA.O) jumped 6.1%, leading gains on the S&P 500, after Rupert Murdoch withdrew a proposal to reunite News Corp and Fox Corp. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 45 new highs and 25 new lows.

Three sources familiar with the matter said News Corp was in talks to sell its stake in Move to CoStar for about $3 billion. The deal would have recombined the media empire Murdoch split nearly a decade ago. No offer was exchanged between News Corp and Fox Corp before merger deliberations were abandoned, according to sources familiar with the process, who said pushback from News Corp shareholders played a role in those plans being scrapped. News Corp currently has a market capitalization of about $11 billion, while Fox is valued at a shade over $17 billion. Rupert Murdoch and his family trust control about 40% of News Corp and Fox.

☆ Rupert Murdoch Withdraws Proposal to Merge Fox Corp. and News Corp
▼ + stars: | 2023-01-25 | by ( Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/rupert-murdoch-withdraws-proposal-to-merge-fox-corp-and-news-corp-11674596679

Shares of Microsoft (MSFT.O) fell 3.9% after it warned that growth in its lucrative cloud business could stall, while its PC unit continued to struggle. The S&P 500 technology index (.SPLRCT) shed 2.1% to lead declines among the 11 major sector indexes. Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have substantial cloud businesses, fell between 2.5% and 4.5%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 1.5% and 3.0%. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 16 new lows.

Jan 24 (Reuters) - Rupert Murdoch reversed course on Tuesday and withdrew a proposal to re-unite News Corp (NWSA.O) and Fox Corp as the company is also exploring a sale of its stake in Move Inc., which operates the Realtor.com website, according to a regulatory filing and sources familiar with the process. Several top shareholders had publicly said they opposed the proposed plan, and on Tuesday News Corp said in a statement that the combination was "not optimal for shareholders of News Corp and Fox at this time." The deal would have reunited the media empire Murdoch split nearly a decade ago. No offer was exchanged between News Corp and Fox Corp before merger deliberations were abandoned, according to sources familiar with the process, who said pushback from News Corp shareholders played a role in those plans being scrapped. "Looking ahead, News Corp has an opportunity to create substantial value for its owners."

☆ Rupert Murdoch scraps proposal to combine Fox, News Corp
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Fox Corp said on Tuesday that Rupert Murdoch had scrapped a proposal to combine the company with News Corp (NWSA.O) in a deal that would have reunited the media empire he split nearly a decade ago. Murdoch sent a letter to News Corp and Fox withdrawing his proposal to re-unite the companies, according to a regulatory filing. He indicated that he and his son, Fox Corp Chief Executive Lachlan Murdoch, had determined that the combination is "not optimal" for shareholders. Prominent News Corp investors have been critical of the proposal. Reporting by Deborah Sophia in Bengaluru; Editing by Maju Samuel; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Rupert Murdoch calls off proposed Fox-News Corp merger
▼ + stars: | 2023-01-24 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho. Rupert Murdoch has withdrawn the proposal to re-combine Fox Corp and News Corp .Fox said Tuesday its board received a letter from Murdoch, its chairman, and his son Lachlan Murdoch that "determined that a combination is not optimal for the shareholders" of either of the companies at the time. The potential merger had faced opposition from shareholders in recent months, who didn't believe a merger would show the true value of News Corp. if it merged with Fox. A combination of the two companies would have unified leadership in Murdoch's empire and cut costs. News Corp. owns Wall Street Journal publisher Dow Jones.

☆ Rupert Murdoch abandons plan to recombine Fox and News Corp
▼ + stars: | 2023-01-24 | by ( Oliver Darcy | ) edition.cnn.com time to read: +1 min

New York CNN —Rupert Murdoch has abandoned plans to combine Fox Corporation and News Corporation, a move that would have reunited his broadcasting and print publishing companies under one roof. Murdoch had proposed the deal last fall, nearly a decade after Fox Corporation and News Corporation split apart in 2013. Fox Corporation operates the right-wing channel Fox News, in addition to Fox Sports and Fox TV Stations. News Corporation is the parent of The Wall Street Journal, New York Post, HarperCollins, and other iconic print publications. Spokespeople for both companies did not immediately respond when asked whether Murdoch had a comment

☆ Dominion to Depose Rupert Murdoch in Defamation Case Against Fox News
▼ + stars: | 2023-01-19 | by ( Erin Mulvaney | ) www.wsj.com time to read: 1 min

Fox Corp. Chairman Rupert Murdoch is one of several top officials from the network to be called in by Dominion attorneys for sworn testimony. Dominion Voting Systems is scheduled to depose Fox Corp. Chairman Rupert Murdoch on Thursday ahead of an expected April trial over allegations that Fox News amplified false claims that the voting-machine company manipulated the 2020 presidential election results against Donald Trump. Dominion, which sued Fox News for defamation in March 2021 and is seeking $1.6 billion in damages, is continuing to gather evidence through the discovery process and is scheduled to depose Mr. Murdoch over two days.

Jan 19 (Reuters) - Fox Corp (FOXA.O) Chairman Rupert Murdoch is expected to be questioned under oath on Thursday and Friday in a defamation lawsuit over his network’s coverage of unfounded vote-rigging claims during the 2020 U.S. presidential election. Dominion is seeking $1.6 billion in damages. "From the highest levels down, Fox knowingly spread lies about Dominion," the election machine company said in a statement. Murdoch is expected to be questioned in person in Los Angeles on Thursday and Friday by lawyers for Dominion, according to a filing in Delaware Superior Court. Dominion alleged in its March 2021 lawsuit that Fox amplified the false theories to boost its ratings and stay abreast of hard-right competitors including One America News Network, which Dominion is also suing.

SAN FRANCISCO, Jan 18 (Reuters) - Attorneys for Tesla Inc (TSLA.O) and for investors will make opening arguments in a San Francisco court on Wednesday in a case to decide whether CEO Elon Musk's 2018 tweet that funding was "secured" to take the company private damaged shareholders. The case is a rare securities class action trial, and Musk and his company are bucking the norm of settling claims that clear high legal hurdles, making for a potentially dramatic trial at which Musk himself may testify. Tesla investor Glen Littleton is seeking "billions" in damages on behalf of shareholders who traded the company's stock in the days after Musk posted his plan to take the company private on Twitter in August 2018. While shareholders sue hundreds of companies and their executives for alleged securities fraud every year, very few of those cases make it to trial. Reporting by Jody Godoy in San Francisco Editing by Peter Henderson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

The lawsuit seeks damages for shareholders who bought or sold Tesla stock in the days after Musk's tweets on Aug. 7, 2018. The shareholders have not specified the damages, but said Musk's tweets cost investors "billions." Potential panelists were asked ahead of time about their opinions of Musk and whether they own a Tesla vehicle. Investors sued in August 2018, shortly after Musk posted on Twitter that he was considering taking Tesla private at $420 per share. The defendants have said in court papers that they will argue that Musk had good reason to believe funding for the deal was secured.

☆ Rupert Murdoch deposition in Dominion-Fox lawsuit delayed until next week
▼ + stars: | 2023-01-13 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho. Fox Corp. Chairman Rupert Murdoch is now slated to appear for a deposition later in January as part of Dominion Voting's defamation lawsuit against the company and its cable news networks. The deposition is set to occur Thursday and Friday next week, according to court filings. Most recently, his son and Fox CEO Lachlan Murdoch faced questioning as part of the lawsuit. The trial is set to begin on April 17, with pre-trial conferences in the days prior, according to court filings.

☆ The Wall Street Journal parent Dow Jones is laying off staff as it faces an economic downturn
▼ + stars: | 2023-01-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Layoffs are coming to The Wall Street Journal parent Dow Jones, according to people familiar with the situation. Layoffs are coming to The Wall Street Journal parent Dow Jones, according to people familiar with the situation, with one knowledgeable source saying the cuts amounted to less than 2% of staff. A Dow Jones spokesperson emailed a statement saying: "Dow Jones is focused on continuing to build on the momentum it has generated across its wide range of leading brands and platforms. The Dow Jones cuts come as the Journal has just appointed a new editor, Emma Tucker, from fellow News Corp. title The Sunday Times in London. This article was originally published on the morning of January 11 and has been updated to include Dow Jones' statement.

☆ Tesla investors argue Musk can receive fair 'funding secured' trial in San Francisco
▼ + stars: | 2023-01-11 | by ( Tom Hals | Thomson Reuters | Award-Winning Reporter With More Than Two Decades Of Experience In International News | ) www.reuters.com time to read: +3 min

Videos of an audience booing Musk during a surprise appearance at a Dave Chappelle show in San Francisco in December were circulated online. Tesla moved its headquarters from the San Francisco area to Texas in 2021. Musk tweeted in August 2018 that he had "funding secured" to take Tesla private, sparking 10 days of volatile trading in its stock shares, bonds and options. Defendants, which also include Tesla and its board at the time, will make their case that Musk was not misleading investors in a material way. Additional reporting by Hyunjoo Jin in San Francisco Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Fox, News Corp Sign Long-Term Office Leases for Midtown Manhattan
▼ + stars: | 2023-01-04 | by ( Kate King | ) www.wsj.com time to read: 1 min

The exterior of 1211 Avenue of the Americas in Midtown Manhattan, where News Corp and Fox Corp. have renewed leases. Rupert Murdoch ’s media empire is recommitting to Manhattan office space, after News Corp and Fox Corp. each signed long-term leases that will keep the two companies in Midtown for another 20 years. The two separate leases span more than 1.1 million square feet, or roughly equivalent to the company’s current footprint, according to Ivanhoe Cambridge, the Canadian real-estate firm that owns the building at 1211 Avenue of the Americas. The agreement includes renovations to the exterior and interior of the building.

☆ Media mogul Bloomberg eyes Dow Jones or Washington Post acquisition, no talks yet
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +3 min

According to the Axios report, Bloomberg sees News Corp-owned (NWSA.O) Dow Jones, also the publisher of Barron's and MarketWatch, as the ideal fit but would buy the Post if Amazon.com Inc (AMZN.O) founder Jeff Bezos was interested in selling. Bloomberg L.P., the Washington Post and Dow Jones did not immediately respond to Reuters' requests for comment. "The transaction would be challenged only if the resulting choices leave insufficient competition in the market for either users or suppliers. In October, Rupert Murdoch had started a process that could reunite his media empire, News Corp and Fox Corp (FOXA.O), nearly a decade after the companies split. Reuters competes with Bloomberg News, a unit of Bloomberg L.P., as a provider of financial news.

A spokesperson for the Washington Post, which Bezos bought in 2013 for $250 million, said it is not for sale. "A Bloomberg acquisition of the (Post) is not necessarily just a business decision. According to Axios, Bloomberg sees Dow Jones, also the publisher of Barron's and MarketWatch, as the ideal fit but would buy the Post if Bezos was interested in selling. Dow Jones did not immediately respond to Reuters' request for comment. Reuters competes with Dow Jones and Bloomberg News, a unit of Bloomberg L.P., a provider of financial news.

☆ Media mogul Michael Bloomberg looking to buy Dow Jones or Washington Post- Axios
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

Dec 23 (Reuters) - Billionaire Michael Bloomberg, the owner of Bloomberg L.P., is interested in acquiring either Wall Street Journal parent Dow Jones or the Washington Post, news website Axios reported on Friday, citing an unnamed source familiar with the matter. According to the Axios report, Bloomberg sees News Corp-owned (NWSA.O) Dow Jones, also the publisher of Barron's and MarketWatch, as the ideal fit but would buy the Post if Amazon.com Inc (AMZN.O) founder Jeff Bezos was interested in selling. Bloomberg L.P., the Washington Post and Dow Jones did not immediately respond to Reuters' requests for comment. In October, Rupert Murdoch had started a process that could reunite his media empire, News Corp and Fox Corp (FOXA.O), nearly a decade after the companies split. Reuters competes with Bloomberg News, a unit of Bloomberg L.P., as a provider of financial news.

☆ The biggest media targets and buyers in 2023, as speculation swirls around Disney's next move under CEO Bob Iger and how Warner Bros. Discovery can shed debt
▼ + stars: | 2022-12-19 | by ( Lucia Moses | Claire Atkinson | Reed Alexander | ) www.businessinsider.com time to read: +12 min

Continued pressure to get bigger has big media companies in Hollywood looking to scale up. Media bankers and investors predicted to Insider that dealmaking will rebound in 2023 as companies big and small size up their options for possible tie-ups. Pressure on big media companies to get bigger hasn't gone away. Apple: Could eye a big content prizeTim Cook. Paramount's library could help a streaming company bulk up its content; Netflix for one has explored Paramount's studio business before.

REUTERS/Mike BlakeDec 13 (Reuters) - Fox Corp (FOXA.O) Chairman Rupert Murdoch is set to be questioned under oath on Tuesday in a defamation lawsuit over his network’s coverage of unfounded vote-rigging claims during the 2020 U.S. presidential election. The deposition comes as special committees of the boards of directors for News Corp (NWSA.O) and Murdoch-controlled Fox Corp consider a proposal from Murdoch to re-combine, nearly a decade after the companies split. Murdoch will be questioned via videoconference on Tuesday and Wednesday by lawyers for Dominion, according to a filing in Delaware Superior Court. On Dec. 5, Murdoch’s eldest son and executive chair and CEO of Fox Corp (FOXA.O), Lachlan, sat for a deposition in Los Angeles. Murdoch’s other son, James Murdoch, was questioned in October.

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