Murdoch set to win US ruling
Thursday 04 May 1995
Published reports in the US said the US Federal Communications Commission, which regulates radio, television and telecommunications, would reject an FCC staff recommendation that News Corp.'s holding in six Fox television stations be reduced to 25 per cent.
The recommendation had been in line with US rules prohibiting large foreign stakes in federally regulated media companies. News Corp. is based in Sydney, Australia. In order to build the Fox Network, Mr Murdoch became a US citizen to appease regulators.
A spokesman for News Corp. in London said the reports had not yet been confirmed, but that an announcement may be made today. The FCC would not comment.
If the decision goes in Mr Murdoch's favour, it will safeguard an important part of his global television empire, which includes 40 per cent of satellite and cable broadcaster BSkyB in the UK, 63.3 per cent of Star TV, the Asian satellite broadcast company, and a new venture, Foxtel, in Australia.
Shares in News Corp. climbed 20 cents to A$6.83 (300p) in active trading in Sydney yesterday. Analysts said the stock was also boosted by stronger- than-expected third-quarter profits of A$291m, up 28 per cent year on the previous year.
The rise came principally from the group's US television and newspaper holdings and from the strong performance of News International's UK newspapers, particularly the Times.
Fox Television had its best financial performance ever in the1994-95 broadcasting season. It also finished third, ahead of mainstream network CBS but behind ABC and NBC, among adults aged 18-49.
Overall, operating profits at UK newspapers in the three months were up 35 per cent, on higher revenues. Circulation at the Times was up 34 per cent in the year to date, to 630,000 copies. The higher sales were due to a low price of 20p per copy, instituted by News International during the current national cover price war. The Sun's price rise to 22p from 21p had "no adverse effect" on circulation, the company said.
News Corp. also announced it would build a printing plant in Ireland, in what was seen by media analysts as a direct threat to the market share of Tony O'Reilly's Independent Newspapers.
peopleContenders for Time magazine's Person of the Year are a mixture of the good, the bad and the holy
tvSteven Moffat reveals the actor was dying to take on the role of the Time Lord and says he is excited to see what he will do with the character
sportBayern Munich 2 Manchester City 3: City come from two down to beat reigning European Champions
newsAs the world remembers Mandela the hero, the prison where he spent 27 years seems all the more brutal
arts + ents... and a chance to paint Booker Prize winning author Hilary Mantel
danceUnder Tamara Rojo's inspired direction, it seems possible that it could challenge the dominance of the Royal Ballet. We meet some established names and rising stars
travelDiscover Uruguay's jet-set beach resort, an Atlantic enclave with plenty of art and culture to explore on the side
The ten coldest places on Earth
Sir Ian McKellen hits back at Damian Lewis' 'fruity actor' claims
Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Nelson Mandela memorial: Cheers, jeers and a masterclass from Barack Obama that stole the show
- 1 Mountain goats' miraculous escape from avalanche captured in dramatic video footage
- 2 It’s shameful that our universities have accepted gender segregation under pressure from the most oppressive religious fanatics
- 3 Sir Ian McKellen hits back at Damian Lewis' 'fruity actor' claims
- 4 Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
- 5 Selfie at funeral: Cameron squeezes in on Obama snap at Mandela memorial
- < Previous
- Next >
iJobs Money & Business
£45000 - £70000 per annum + Bonus + Benefits: Harrington Starr: Technical Impl...
£65000 - £90000 per annum + Bonus + Benefits: Harrington Starr: Rogue Trading ...
£35000 - £45000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£40000 - £50000 per annum + benefits + bonus: Harrington Starr: Data Analyst -...