News Corp. rises on report of Bloomberg’s interest in Dow Jones, Washington Post
News Corp. has been exploring whether to merge with Murdoch’s other media company
London: News Corp. shares gained on a report by Axios that Michael Bloomberg is interested in acquiring the company’s Dow Jones unit.
The stock climbed 2.8 per cent to $18.31 at the close in New York. Axios, citing an unidentified person familiar with Bloomberg’s thinking, said Bloomberg hasn’t approached News Corp. controlling owner Rupert Murdoch or hired any advisers to evaluate such a move. Axios also said Bloomberg might be interested in buying the Washington Post.
Dow Jones provides financial information and news through its wire service and through the Wall Street Journal, one of the biggest newspapers in the US. It competes with Bloomberg News, which is part of Bloomberg LP, where Michael Bloomberg is majority owner.
Ty Trippet, a spokesman for Bloomberg, dismissed the report as speculation and said, “There is nothing to comment on.” Jim Kennedy, a spokesman for News Corp., declined to comment.
News Corp. has been exploring whether to merge with Murdoch’s other media company, Fox Corp. Several News Corp. investors have balked at that idea, arguing that the company should consider ways to better reflect the value of its real estate business, which is separate from Dow Jones.