Murdoch Has Prostate Cancer

News Corp. confirmed Monday that its chairman, Rupert Murdoch, has prostate cancer and will receive radiation therapy in a month.

Murdoch, 69, found out about the disease during routine medical tests last week in Los Angeles. News Corp. said the cancer is “low grade,” and Murdoch’s prognosis is very good, requiring no change in his work schedule.

“The treatment will last several weeks and his doctors are confident it will eliminate the problem,” News Corp. officials said.

Murdoch’s holdings include 20th Century Fox; Fox Broadcasting; a 40% stake in British Sky Broadcasting Group; Satellite Television Asian Region Ltd., or Star TV; and newspapers in Britain, the U.S. and Australia.

News Corp.’s American depositary receipts, which are equivalent to four ordinary shares, fell 19 cents to close at $44.50 on the New York Stock Exchange. The shares have lost more than 20% in the last week.