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News Corp To Buy Back $5 Billion In Stock Over Next 12 Months

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Tue, 07/12/2011 - 09:08 | 1447333 snowball777
snowball777's picture

Couldn't happen to a more deserving den of jackals.

Tue, 07/12/2011 - 09:13 | 1447350 66Sexy
66Sexy's picture

Hey. ZH. The site is too slow and sluggish now. WTF did you do.

Tue, 07/12/2011 - 09:24 | 1447403 snowball777
snowball777's picture

Got popular. Donated recently?

Tue, 07/12/2011 - 09:33 | 1447446 Harlequin001
Harlequin001's picture

and if that isn't a blatant stock manipulation, I don't know what is...

Tue, 07/12/2011 - 09:44 | 1447452 Harlequin001
Harlequin001's picture

Had to laugh at this bit, 'The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.'

That's the whole world isn't it, apart from China and Russia, and Papua New Guinea...

and of course, let's not forget the Marshall Islands...

Tue, 07/12/2011 - 09:26 | 1447414 Cognitive Dissonance
Cognitive Dissonance's picture

Sacrilege hasn't fed the (power) hamster in the ZH server lately. Let him eat cake.

Tue, 07/12/2011 - 09:10 | 1447337 Peter K
Peter K's picture

Last time I checked, News Corp was doing ok. Or at least much better than NYTimes/WashPo/ABC/NBC/CBS etc. ;)

Tue, 07/12/2011 - 09:29 | 1447426 Gohn Galt
Gohn Galt's picture

Oh course it is, now that he has a buyer he wants the stock price up so he can dump shares

Tue, 07/12/2011 - 12:09 | 1447966 Freddie
Freddie's picture

All the newsmedia is the same along with hollywood and TV.  They all support the elites.  Keep watching TV brainwashing sheep.

Murdoch was a big Tony B-Liar supporter. B-Liar brought sharia to england through mass immigration.

Tue, 07/12/2011 - 09:17 | 1447338 TruthInSunshine
TruthInSunshine's picture


A 5 billion buy back of soon to be worthless stock.

Epic fail.

I know...I know...Rupert Murcoch is smart. Yada. I could theoretically believe this if he was buying a dollar's worth with his own money.

Murdoch tabloids' targets included Downing Street, the Crown


The legal problems (criminal in nature, and seriously criminal) in the U.K. and U.S. that ole' CFR Rupert now faces are staggering.


Tue, 07/12/2011 - 09:17 | 1447375 Cdad
Cdad's picture

The only thing missing from this announcement is the concurrent announcement of the granting of increased options to the board for their brilliant management of the crisis, followed by revelation that said options grants have been exercised and dumped.

The US dies a little bit each day, from the inside, its moral rot most clearly exhibited by those at the top of big business.

Tue, 07/12/2011 - 09:39 | 1447466 Harlequin001
Harlequin001's picture

'and the program may be extended, modified, suspended or discontinued at any time'

He's just saying that if the share price drops he may buy, but if it doesn't he may not. Pure manipulation, nothing more...

Tue, 07/12/2011 - 09:19 | 1447381 Oh regional Indian
Oh regional Indian's picture

TIS, I think rupert is as smart as Jolly Uncle Buffer, no more, no less.

Media Baron, my ass. Just a power-mad megalomaniac who must have been prepared to bend some serious rules for his masters.

Such a den of vipers.



Tue, 07/12/2011 - 09:26 | 1447415 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

I'd say burn the $5 billion but that probably wouldn't be so good for the environment

Tue, 07/12/2011 - 09:12 | 1447345 scratch_and_sniff
scratch_and_sniff's picture

umm, its funny that no one has even mentioned the legal side of things - there was a few smears put out there in the early stages of all this, claiming that the hacked families and individuals only wanted a compensation payout, typical scumbag tabloid filth - thats all irrelevant now i suppose.

Tue, 07/12/2011 - 09:13 | 1447351 Oh regional Indian
Oh regional Indian's picture

I think this just about says it all!



Tue, 07/12/2011 - 09:13 | 1447352 jmcadg
jmcadg's picture

Stock should be pretty cheap after 15th Aug, once all the scandals start to be uncovered. Murdoch is scum. Unless you're part of his family, he'll use you and spit you out. Ask the genuine employees of The News of the Screws. Rather than hang the dirtbags, all employees lose. Just so he can try to secure the BSkyB deal. News Corp should not be allowed to own all (or any) of BSkyB, but that was obvious before TSHTF on phone tapping.

Tue, 07/12/2011 - 09:16 | 1447357 orangedrinkandchips
orangedrinkandchips's picture

wait....so now they are going the way of all other companies hleping Timmy prop up this market. All cash on deck, you are going to buy inflated stocks so you lose youre ass when the shit its the fan....and you know it will

Tue, 07/12/2011 - 09:16 | 1447358 augie
augie's picture

My favorite bit right here:

 "Repurchases under the program will be made through open market transactions. The timing of such transactions and class of shares purchased depend on a variety of factors, including market conditions and blackout periods."

So basically we are aware the markets will collapse and we will be able to use all of our hoarded cash to enhance our ownership positions. This further limiting of objections from opponents to our agenda through mooting their shareholder interest, will allow us to further dumb down the masses through misinformation. 

Tue, 07/12/2011 - 09:16 | 1447361 Cognitive Dissonance
Cognitive Dissonance's picture

When all else fails buy back your stock.

It's in the official CEO handbook rigth there between gaming options and screwing your secretary on the sly. Honest, I saw a copy once when I was foraging for food in the local dump.

Tue, 07/12/2011 - 09:23 | 1447401 TruthInSunshine
TruthInSunshine's picture

It's in the official CEO handbook rigth there between gaming options and screwing your secretary on the sly. Honest, I saw a copy once when I was foraging for food in the local dump.


That is outdated by decades, CD.

We've moved on to rigging and the purchasing/selling unsecurtized CDS and other impossible-to-decipher derivatives, ultraleveraged (28,761x), planting algorithmic-logging devices in competitors' black boxes, re-routing competitors' HFT feeds to Mongolian collocated servers via proxy before pinging it back to New York or New Jersey, and having Insurance Companies openly pay for company sponsored orgies where the hired help wears color-coded wristbands.


Tue, 07/12/2011 - 09:27 | 1447420 Cognitive Dissonance
Cognitive Dissonance's picture

Explains why it was in the dump then. But I did find a two day old crumpet under it so all was not lost. I ate well that day.

Tue, 07/12/2011 - 09:29 | 1447428 snowball777
snowball777's picture

Hey, whatever system they can devise to keep people like DSK from humping the innocent bystanders is okay by me.

And wasn't Munich Re just spending their bonus the way they would have anyway?

Tue, 07/12/2011 - 09:36 | 1447457 TruthInSunshine
TruthInSunshine's picture



Tue, 07/12/2011 - 09:30 | 1447427 TruthInSunshine
TruthInSunshine's picture

Everytime I've ever witness a significant or epic market crash (like in 2008), the three constants I noticed without exception were 1) massive and accelerating buybacks, 2) a sudden ramping of dividends (even if large only as a proportional % of that prior) in a way that smacked of desperation, and 3) "unexpected" and wider misses on broadly lowered-expectations misses on EPS.

Feels like deja vu all over again.

Tue, 07/12/2011 - 09:42 | 1447474 Cognitive Dissonance
Cognitive Dissonance's picture

You do Yogi proud with your homage to his street wisdom.


Tue, 07/12/2011 - 10:08 | 1447558 TruthInSunshine
TruthInSunshine's picture

Bernank's favorite Yogi Berra quote:

A nickel ain't worth a dime anymore.

The COMEX's favorite Yogi Berra quote:

The future ain't what it used to be.

And (what should be) Paul Krugman's favorite Yogi Berra quote of all time:

In theory there is no difference between theory and practice. In practice there is.

Tue, 07/12/2011 - 10:26 | 1447604 Oh regional Indian
Oh regional Indian's picture

That last is a classic. Very apropos comments overall. :-)


Tue, 07/12/2011 - 14:30 | 1448674 Cognitive Dissonance
Cognitive Dissonance's picture

Bravo! Bravo!

I knew there was a reason I liked you. Thanks for reminding me why. :>)

Tue, 07/12/2011 - 09:17 | 1447374 Atomizer
Atomizer's picture

Economic and Financial Affairs Council

Just starting


Tue, 07/12/2011 - 09:20 | 1447387 yabyum
yabyum's picture

Tyler et al, How do know if this douche is tapping YOUR phone? You don't.

Tue, 07/12/2011 - 09:50 | 1447491 SirPlayomic
SirPlayomic's picture

The one good thing that came out of this is a heightening of awareness in how unsecure everyday comm technology is. Hushmail and encryption is really not only for the paranoid.


Tue, 07/12/2011 - 10:15 | 1447577 TruthInSunshine
TruthInSunshine's picture

Just a FYI:

hushmail and encryption have both been compromised by governments, pretty much everywhere.


Tue, 07/12/2011 - 09:21 | 1447388 Careless Whisper
Careless Whisper's picture


soros will be shorting all day.


Tue, 07/12/2011 - 09:33 | 1447448 johnnymustardseed
johnnymustardseed's picture

Murdoch is the spawn of Goebbels.. Good riddance

Tue, 07/12/2011 - 09:44 | 1447483 Cognitive Dissonance
Cognitive Dissonance's picture

He is far from gone. There is always one more roach no matter how many you have killed.

Tue, 07/12/2011 - 09:45 | 1447486 snowball777
snowball777's picture

Don't dis Goebbels like that.

Tue, 07/12/2011 - 12:11 | 1447973 Freddie
Freddie's picture

All the news media are like him.  There is no difference. Ditto TV and hollywood.

Tue, 07/12/2011 - 09:35 | 1447454 ZeroPoint
ZeroPoint's picture

I just got spammed with 'Welcome Back to the Wall Street Journal offer' email, which the were sending out quartely, but an 'extra one' just arrived today. (I stopped subscribing to that swill 10 years ago). Murdock is desperate for cash.


Tue, 07/12/2011 - 10:17 | 1447513 gwar5
gwar5's picture

I find their tactics reprehensible. But honestly, how is their snooping so much unlike Wikileaks and the Pentagon Papers?

They all reported the truth using unsavory methods. Nobody has accused them of making stuff up. This snooping was petty and gossipy and stupid, but if the invasion of privacy of average citizens upsets people so much (it does me) then they should respond with the same revulsion to government feeling up our genitals and doing the same things to our communications. 

This action against News of the World just gets to make government look like they are the protectors of our privacy. They're not.

Question to ponder: If these same methods had been used to expose that the EU had been planning an oil motivated invasion of Libya for years, would they be heros or zeros right now?

Tue, 07/12/2011 - 10:04 | 1447551 Kina
Kina's picture

Two words Murdoch hopes he doesn't hear in the UK.

Royal Commission.


Very extensive powers.


Many Royal Commissions last many years and, often, a different government is left to respond to the findings. In Australia—and particularly New South Wales—Royal Commissions have been investigations into police and government corruption and organised crime using the very broad coercive powers of the Royal Commissioner to defeat the protective systems that powerful, but corrupt, public officials had used to shield themselves from conventional investigation.

Tue, 07/12/2011 - 10:17 | 1447584 TruthInSunshine
TruthInSunshine's picture

I detest monarchy of any type, as it just rubs my fondness of meritocracy the wrong way, but yes, they take spying on the Queen and British Royalty, let alone eavesdropping on them, very seriously.

Also, Gordon Brown and Tony Blair were both spied on extensively, if the media reports are accurate.

Tue, 07/12/2011 - 10:15 | 1447578 jmcadg
jmcadg's picture


Agreed. The difference here in the UK is that this backlash has been led by the guardian newspaper, a few (rightly) pissed off celebs (Hugh Grant etc) and a couple of MPs. All just and reasoned and totally right, then bandwagoned by the larger press and media, but tragically if this had been public led, it would have gone fuckin' nowhere. No one bleated about the BskyB takeover (bizarrely) and everyone swallowed the crap line that the phone hacking was the job of a loan reporter. UK - original home of the sheeple.

Tue, 07/12/2011 - 12:22 | 1448007 Marcus_Junius_Brutus
Marcus_Junius_Brutus's picture

Meanwhile back in the UK...

The entire British Parliament - government and opposition has unified behind a proposal calling on News Corp to withdraw from the BSkyB deal. Technically the proposal is toothless BUT it opens the door to the government to actively kill the deal rather than hoping a quango will do the job for them. And according to a respected opinion poll 72% of the public believe the deal MUST be stopped.

Then there are questions about why the original police investigation failed... And the observation that senior police involved were "investigated" by the paper concerned. Of course we have it on good authority that there was no blackmail involved...



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