P.M. BRIEFING : Murdoch Firm’s Shares Plunge
Shares of Rupert Murdoch’s News Corp. Ltd. plunged today as investors reacted to rumors about the media conglomerate’s talks with bankers.
Murdoch was believed to be in Sydney for talks with creditors in an effort to reschedule the company’s almost $2.3 billion in short-term debt, which is due for repayment in the next few months.
Brokers said the wild swing in the share price was also sparked by speculation about the company’s results for the first quarter of the financial year, expected to be released this week.
The shares closed at $4.60, down 46 cents from the morning’s high of $5.07, compared to their close Monday at $4.71. News Corp.’s U.S. shares closed Monday at $10.125 on the New York Stock Exchange.
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