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Fox Corp Pulls BSkyB Deal, Shares Tank; Update: It Appears The Deal Is Still On

Tyler Durden's picture




 

Update: News Corp. pulls antitrust submission only for BSKYB but the bid remains in effect.

Whatever, it's only a matter of time.

Casualty #2.

  • NEWS CORP. WITHDRAWS PROPOSED UNDERTAKINGS ON BSKYB
  • NEWS CORP. REFERS TO BSKYB COMPETITION COMMISSION REFERENCE
  • BSKYB DROPS AS MUCH AS 11% IN LONDON

Next up: the WSJ

Full release:

News Corporation withdraws proposed undertakings in lieu of reference with respect to its proposed acquisition of BSkyB
______________________
London, 11 July, 2011 – News Corporation today announces that it is withdrawing its proposed undertakings in lieu of reference to the Competition Commission with respect to its proposed acquisition of BSkyB.

Should the Secretary of State for Culture, Olympics, Media and Sport decide on this basis to refer the proposed transaction to the Competition Commission for a detailed review, News Corporation is ready to engage with the Competition Commission on substance.
News Corporation continues to believe that, taking into account the only relevant legal test, its proposed acquisition will not lead to there being insufficient plurality in news provision in the UK.

News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of March 31, 2011 of approximately US$60 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in six industry segments: cable network programming; filmed entertainment; television; direct broadcast satellite television; publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom,
Australia, Asia and Latin America.

 

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Mon, 07/11/2011 - 10:53 | 1443724 Cognitive Dissonance
Cognitive Dissonance's picture

Is this the first sign that the Ponzi is beginning to eat its own?

Please say Yes, even if the answer is No.

Mon, 07/11/2011 - 10:57 | 1443742 Franken_Stein
Franken_Stein's picture

 

*Sigh*,

 

ok, because it's you: YES.

 

Mon, 07/11/2011 - 10:57 | 1443743 Lord Welligton
Lord Welligton's picture

Yes.

Mon, 07/11/2011 - 10:59 | 1443755 TruthInSunshine
TruthInSunshine's picture

I am checking my Magic 4 Ball to try and get an answer.

Why a Magic 4 Ball you ask? Because of the highly inflationary impact of TARP/TALF/QE/MaidenLanes/MaidenLanesInHiding/OtherActsOfBernanke&GeithnerStupidity/PaulKrugman'sFace.

 

Okay, here's the answer:

Maybe.

 

That's the only answer the Magic 4 Ball ever can provide. They reduced costs by not printing on the other side of the answer thingy.

Mon, 07/11/2011 - 11:04 | 1443799 Cognitive Dissonance
Cognitive Dissonance's picture

I guess this means you aren't a 'Yes' man.

You're fired hired to lead Ponzi 2.

Mon, 07/11/2011 - 11:08 | 1443824 TruthInSunshine
TruthInSunshine's picture

I will need fuel for the helicopters.

The Fed...it's not in such great shape, you know. Did you know that we own the f*cking Red Roof Inn (but you really own it, so...)?

You Own the Red Roof Inn, Thanks to the Fed | The Big Picture

Maybe we could get some new duffle bags, too?

A little help?

Mon, 07/11/2011 - 11:19 | 1443909 coppertop
coppertop's picture

You are to funny. 

Mon, 07/11/2011 - 12:30 | 1444241 ibjamming
ibjamming's picture

It's payback for letting Beck rant for so long...I bet they're pretty pissed at Murdoch for allowing it to continue.

1st Beck get "fired", and now they're going to take Murdoch down?

Mon, 07/11/2011 - 10:55 | 1443731 TruthInSunshine
TruthInSunshine's picture

The WSJ and hopefully the NYT; just like the Republicrats and Demoncrats: A false Right-Left Paradigm for the Cultists of Conformity (Blue Pill crowd).

 

Let them both implode. Good riddance to trash.

Mon, 07/11/2011 - 10:55 | 1443732 Franken_Stein
Franken_Stein's picture

 

Ladies and Gentlemen,

 

....

 

WE GOT HIM !

 

Down goes Rupert Murdoch !

Down goes Rupert Murdoch !

 

 

Mon, 07/11/2011 - 10:56 | 1443735 snowball777
snowball777's picture

More fallout from the "News of the World" corruption scandal?

Fuck Rupert with Roger Ailes dick.

Mon, 07/11/2011 - 10:59 | 1443768 williambanzai7
williambanzai7's picture

Mon, 07/11/2011 - 11:02 | 1443786 Jim in MN
Jim in MN's picture

Let's put Murdoch and Buffet in a room until one has eaten the other.  Maybe then we open the door.

Maybe.

Mon, 07/11/2011 - 11:25 | 1443950 snowball777
snowball777's picture

Make it airtight and pump in fentanyl gas.

Mon, 07/11/2011 - 15:13 | 1444936 3.7.77
3.7.77's picture

Throw in Munger and i'd pay to watch.

Mon, 07/11/2011 - 11:06 | 1443818 Cognitive Dissonance
Mon, 07/11/2011 - 11:03 | 1443796 firstdivision
firstdivision's picture

Well now they are saying the bid is still there O_o

Mon, 07/11/2011 - 11:04 | 1443802 doomandbloom
doomandbloom's picture

Ouroboros ( a snake/dragon eating its own tail).

 

A language that has been taught to humanity....

Mon, 07/11/2011 - 11:04 | 1443804 scratch_and_sniff
scratch_and_sniff's picture

Ha ha nice one, thats made my day.

Mon, 07/11/2011 - 11:04 | 1443807 TruthInSunshine
TruthInSunshine's picture


Membership Roster - Council on Foreign Relations
 


Welcome to CFR. Skip to section navigation Skip to content .... Rupert Murdoch

Mon, 07/11/2011 - 11:10 | 1443853 orca
orca's picture

**CORRECTION** News Corp's (NWSA) bid for BSkyB (BSY LN) remains in effect

Mon, 07/11/2011 - 11:15 | 1443880 orca
orca's picture

I'd say that is bullish for ponzi fiat and bearish for gold hahaha!
From where I'm sitting, in Europe, we have complete carnage. Beautiful sight to behold, they are fighting for the exits especially on THE risk/off trade FGBL (the Bund ie 10-y German treasury). Major damage on everything, bloodbath. I love it.

Mon, 07/11/2011 - 11:25 | 1443951 Yen Cross
Yen Cross's picture

  I read about this yesterday. Rupert is circling the wagons, because his insiders are getting greedy...

Mon, 07/11/2011 - 12:09 | 1444072 Widowmaker
Widowmaker's picture

Expect the unexpected.

We shall see how the Rupert thug-organization get's to do whatever the fuck they want, and not a thing all the spineless will do about it except take the same old bribes.

Sorry to disappoint all of those who claim "justice is in the air..." for this wretched dog of an organization two decades in the making.  The only thing worse than no media is Murdock-media, the only empire is the "gimpire" of lies.

This is a mere distraction from who else has been buying and selling your personal goods.  Names like Gmail and Facebook are at the top of the list -- both hands down your pants and it's lucrative!!  Fascist Uncle Sam Inc. fondles the rest of your privacy in the name of "liberty," bought and sold.

Mon, 07/11/2011 - 13:14 | 1444347 Marcus_Junius_Brutus
Marcus_Junius_Brutus's picture

It's been another busy day on this story... Rebekah Brooks told the ex-staff at the News of the World that the worst issues were still to emerge. Since its pretty bad already I can't imagine how much worse it might get.

However, in today's revelations the scandal is now spreading to ALL of Murdoch's UK newspapers and now includes payments to Royal Protection Squad officers, the hacking of Gordon Brown and obtaining information through deception and fraud and the hiring of a conman to do so (later convicted of fraud)... this story is still growing.

The competition test is not the only relevant legal test. Last week OFCOM - the regulatory body - specifically said that the other relevant test is the "fit and proper person" test. In other words given what has happened in the UK, News Corporation might not be fit and proper to own BSkyB.

We are well into double digits of people who appear to be heading towards prosecution over this and the numbers are still climbing. Which will have an influence on the fit and proper test. So far most of the people are fairly low on the ladder and there appear to be attempts to keep it that way... the Metropolitan Police issued this statement this afternoon:

"It is our belief that information that has appeared in the media today is part of a deliberate campaign to undermine the investigation into the alleged payments by corrupt journalists to corrupt police officers and divert attention from elsewhere.

At various meetings over the last few weeks information was shared with us by News International and their legal representatives and it was agreed by all parties that this information would be kept confidential so that we could pursue various lines of inquiry, identify those responsible without alerting them and secure best evidence.

However we are extremely concerned and disappointed that the continuous release of selected information - that is only known by a small number of people - could have a significant impact on the corruption investigation."

If they can prove this has happened this is further criminal activity... intersting comment on it here... http://blogs.telegraph.co.uk/news/concoughlin/100096342/news-international-is-committing-commercial-suicide-by-underming-the-police/

There are now rumours in the UK that News Corporation is considering selling all of its UK newsapers in order to avoid the need for the competition test but with the amount of public anger there is no way they will get away with ducking the fit and proper test.

After all of this, if the government still let this deal happen you can expect the coalition to split in response to public outrage. This will trigger immediate elections. If this happens public outrage will ensure the current government will not be returned to power.

Since the government know this it then follows that there is no way they will allow the deal to proceed even if it means writing new laws. Elements of the government may talk to Murdoch and suggest that maybe they can get it through but the reality is that this deal is dead in the water and holed below the waterline. While a meteor hurtles towards it. And everybody aboard has been exposed to some strangely mutated bacteria...

Addtionally - serious questions are being raised about Cameron's judgement since he allowed one of these vipers to become his Director of Communications - who had knowingly employed an ex-con as dirt digger for the newspaper. And has been charged with authorising payments to corrupt police. Several people claim to have separately warned Cameron about not to this man. Cameron might be brought down by this but I suspect this still is less likely then not. It all depends what revelations the next couple of days bring and is there any hard evidence of him being given specific (rather than vague) warnings...

The big danger to democracy is that the rich and the powerful are going to use all this as an excuse for overregulating the press and by the backdoor introducing censorship of their activities. Connect this with recent noises from the UK government about restricting some web access and a dark picture starts to emerge...

I start to wonder who helped the story along and is someone hiding behind the public outrage to work to another agenda... 

Incidentally - once we start getting convictions for police corruption and illegal payments to police in the UK does that trigger the foreign corrupt practices act in the US?

Mon, 07/11/2011 - 13:22 | 1444447 Oh regional Indian
Oh regional Indian's picture

"Should the Secretary of State for Culture, Olympics, Media and Sport"

That is what caught my eye.

Shouldn't he be called the Minister of Social Engineering?

GB is nuts. Murderock is dangerous.

Remember Robert Maxwell anyone?

I wonder what he knew.
ORI

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