Did Rupert Murdoch Top Tick The Market Again?

Tyler Durden's picture


Presented with little comment, aside to observe the deal's ridiculous 12.6x EBITDA multiple, even higher than the record median LBO multiples we noted recently.



h/t UBS Art Cashin via Financial Insyghts LLC

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Wed, 07/16/2014 - 10:34 | 4962540 PartysOver
PartysOver's picture

Say it ain't so!!

Wed, 07/16/2014 - 10:35 | 4962546 wallstreetapost...
wallstreetaposteriori's picture

No one can top-tick this market.... its invincable and full on retarded..

Wed, 07/16/2014 - 10:51 | 4962599 cifo
cifo's picture

I'm sure there have been some other acquisitions along the way not pictured on that chart.

Wed, 07/16/2014 - 11:03 | 4962643 CheapBastard
CheapBastard's picture

<< I'm sure there have been some other acquisitions along the way not pictured on that chart. >>


Absolutely correct! I bought 10 shares of NE ...not shown on the chart.

Wed, 07/16/2014 - 11:08 | 4962663 gh0atrider
gh0atrider's picture

There's a new sheriff in town.  His name is Satoshi.  You can all get along or you can get movin' along.

Wed, 07/16/2014 - 11:38 | 4962724 BLOTTO
BLOTTO's picture

Meet the New Boss - same as the old boss...

-The Who


Same as it Ever was...

-Talking Heads


The Song remains the same...

-Led Zep

Wed, 07/16/2014 - 11:06 | 4962654 Save_America1st
Save_America1st's picture

yeah...but everybody knows you never go full-retard.


Wed, 07/16/2014 - 11:10 | 4962669 gh0atrider
gh0atrider's picture

its invincable and full on retarded..



Wed, 07/16/2014 - 12:10 | 4962864 BlindMonkey
BlindMonkey's picture

Nope it isn't.

What can you buy tulips for now? Inflation adjusted to 1637 of course.

Wed, 07/16/2014 - 10:35 | 4962547 Al Huxley
Al Huxley's picture

No, he did not.  This frankenmarket will run like a fucking zombie for years.

Wed, 07/16/2014 - 10:45 | 4962577 fonzannoon
fonzannoon's picture

Al i junked u for not saying decades.

Wed, 07/16/2014 - 11:05 | 4962622 Al Huxley
Al Huxley's picture

Fair enough, that was a clear oversight on my part.  I hope the S&P dips to 1976 today, I reaally want to buy, but I don't want to overpay.

Wed, 07/16/2014 - 11:21 | 4962688 john39
john39's picture

besides, old ruppert probably access to printing press money, so taking a loss means nothing...  his job is to acquire everything he can, and starve out the real humans.

Wed, 07/16/2014 - 12:00 | 4962826 tarsubil
tarsubil's picture

Once everyone says uncle, and only the select are in position to profit, the flash crash coming is going to dwarf 2008. That's my looney opinion and I'm sticking to it.

Wed, 07/16/2014 - 10:35 | 4962548 Bill of Rights
Bill of Rights's picture

Umm ya about those builders...


UPDATE 1-JPMorgan pulls back from mortgage lending on foreclosure worries
| Reuters

But sentiment in builders is strong LAMO what a friggen farce!

Wed, 07/16/2014 - 10:45 | 4962581 MidwestJester
MidwestJester's picture

The world is a farce at the moment (has it been that way forever?!?) yet it remains intact. The only thing I see falling down around me are the logical and sane, the inane and farcical stand tall! Besides, those builders are just taking the advice of Obama.... Hopefully (haha) this is the last dose of hopium?

Thu, 07/17/2014 - 01:39 | 4966154 tc06rtw
tc06rtw's picture

Common sensebrains,  and  cunning
used to be immensely helpful in
"the survival of the fittest" —

I dread the loss of those attributes THIS evolutionary cycle !

Wed, 07/16/2014 - 11:09 | 4962664 CheapBastard
CheapBastard's picture

From your article:



"This could reduce the number of first-time buyers and slow the speed with which people who lost their homes during the crisis can become homeowners again," said Mayer.


Yes, lets work hard and speedy to allow them to borrow again! The problem has not gone away when you keep handing out things with unrealistic terms [like zero down] to people who cannot afford them. On th eother hand, the people houls know better then to buy something they cannot afford. Who would want that lead-weight-debt around their neck nagging them 24/7 for years to come?

Wed, 07/16/2014 - 11:18 | 4962682 Never One Roach
Never One Roach's picture

Good article Bill of Rights. I did not know they were actually pulling back that much...the tide is turning looks like with negative psychological momentum...maybe due to the losses JPM sees coming and the possibility a Hank Paulson won't be there to bail them out.


"On Tuesday, the bank posted a $74 million loss from making mortgages in the second quarter, compared with $566 million of income in the same quarter last year. The bank has said it expects to lose money making home loans for the full year."


I do see the market slowin gin my area and people are syaing it's more difficult getting a mortgage. Signs for "SOLD" houses sit there for months as buyers haggle with nakers and sales people ... struggling to get on of those 3.5% down loans (they probably cannot afford).

Wed, 07/16/2014 - 11:53 | 4962797 yellowsub
yellowsub's picture

Doesn't Obama still have to work on forgiven students loans before they can buy a house?

Wed, 07/16/2014 - 10:39 | 4962552 NoDebt
NoDebt's picture

The price paid for the company he's acquiring is irrelevant.  The price he pays for the money he's using to buy it is what matters.  And that price is low.

Wed, 07/16/2014 - 10:48 | 4962588 Racer
Racer's picture

He doesn't pay for it at all, he has no risk, but will reap any benefits

Wed, 07/16/2014 - 10:39 | 4962553 SethDealer
SethDealer's picture

he is a dirty old bastard

Wed, 07/16/2014 - 11:24 | 4962694 john39
john39's picture

looks like greenspan's lost twin... 

Wed, 07/16/2014 - 10:44 | 4962573 LawsofPhysics
LawsofPhysics's picture

So Zimbabwe it is then...


Wed, 07/16/2014 - 10:53 | 4962607 El Vaquero
El Vaquero's picture

As the dollar goes, so goes the country.  Otherwise, what are we going to buy our foreign oil with?

Wed, 07/16/2014 - 11:00 | 4962630 THX 1178
THX 1178's picture

everyone hates the federal reserve. wont the death of the dollar be the rebirth of the US, which died in 1913? I think it will be a good thing. A painful thing, but a good thing none the less.

Wed, 07/16/2014 - 11:10 | 4962670 El Vaquero
El Vaquero's picture

A lot of people are going to die when the dollar finally cracks up.  It is our use of oil that has allowed us to become so disconnected from our food that the petrodollar system props up.  You are going to see the veneer of civilization get stripped off.  That's not a good thing. 

Wed, 07/16/2014 - 19:59 | 4962889 BlindMonkey
BlindMonkey's picture

If you include the fat fucks riding scooters in Walmart as part of the veneer, I say we can use a little bit less of it. Long handi vans to keep the veneer of civilization buying nutrition free food at Wally World.

Wed, 07/16/2014 - 12:15 | 4962890 tarsubil
tarsubil's picture

When the dollar fails, we'll then see how much of our wealth is from theft. Won't be pretty. Like a drunk thrown out of the house.

Wed, 07/16/2014 - 10:53 | 4962608 lasvegaspersona
lasvegaspersona's picture

yes Law, yes

Wed, 07/16/2014 - 10:47 | 4962585 Sudden Debt
Sudden Debt's picture

why not start a new company with a 40 billion blanc cheque?

I mean...

you can build 5 mars colonies with that kind of money...

or fund the deficit for... 2 weeks?

Wed, 07/16/2014 - 10:51 | 4962600 orangegeek
orangegeek's picture

new company or new country?

Wed, 07/16/2014 - 10:47 | 4962586 gdiamond22
gdiamond22's picture

The BID was not hit, so clearly we have higher to go.

Wed, 07/16/2014 - 11:42 | 4962595 Colonel Klink
Colonel Klink's picture

So Rupert Murdick owns Chris-Craft?  Tells me what maker of boats I WON'T be buying, ever!

EDIT: Chris-Craft, Inc. is a privately held American manufacturer of civilian powerboats based in Sarasota, Florida.

Funny the Wiki listing makes no reference to being owned by Murdick.

Wed, 07/16/2014 - 12:10 | 4962859 hayseed
hayseed's picture

I, too, assumed the boating company.  Chart should clarify name as Chris-craft Industries, Inc. See this article:


Wed, 07/16/2014 - 10:50 | 4962598 Squid Viscous
Squid Viscous's picture

Hopefully this is like the AOL merger that popped the Nasdaq bubble,

PS got to be a special place in hell reserved for Murdoch after the Iraq war cheerleading in his entities, so he has that to look forward to...

Wed, 07/16/2014 - 10:56 | 4962602 Quinvarius
Quinvarius's picture

The Fed is not putting enough money into the banking system to support the stock market anymore.  Going forward they will put in less.  Or hide it and that means it will go to fewer entities.  Either way, there will be no general support left for this bubble.  The economy itself is sure the hell not going to hold it up.  The market only cares about easy money.  You need collateral to borrow easy money.  You need public QE to get free money spread to all bankers.  This market is not supportable because both are gone or going away. 

And the unfortunate truth of this system is that there is no way to stem the selling in a corrupt system that allows unlimted creation and selling of all paper assets.  The Fed and the Treasury do not have enough bandwidth to prop this up when it starts dropping.  On top of that, down is faster and easier than up. 

Wed, 07/16/2014 - 11:02 | 4962641 Duffy Duck
Duffy Duck's picture

We'll always have Belgium....

Ever been to Bruges?


Wed, 07/16/2014 - 11:07 | 4962660 Quinvarius
Quinvarius's picture

I am planning a visit to walk through the rubble when this is over.  There will be smaller crowds.

Wed, 07/16/2014 - 11:19 | 4962686 Never One Roach
Never One Roach's picture

<< down is faster and easier than up. >>


Truer words have never been said!

Wed, 07/16/2014 - 10:52 | 4962605 F0ster
F0ster's picture

When VCs value companies like UBER for $200 Billion you know your fiat money is essentially worthless, unless of course you're smart enough to trade it in for something non-fiat before the muppets realize this fact too.

Wed, 07/16/2014 - 10:56 | 4962620 lasvegaspersona
lasvegaspersona's picture

THAT is the problem! There is noting left to buy. You cannot get gold in large weights  and companies are over priced.

Wed, 07/16/2014 - 11:14 | 4962676 Bioscale
Bioscale's picture

Sheeples are not going to buy gold in large weights.

Wed, 07/16/2014 - 10:53 | 4962612 Squid Viscous
Squid Viscous's picture

lol @ chris craft, obviously he's not a seasoned boater...

Wed, 07/16/2014 - 11:02 | 4962639 NoDebt
NoDebt's picture

Never enough storage space.  They're convinced if they cut a single hole in the deck to put in a storage area, the boat will instantly sink.  Of course, nobody else has that problem, but that's their story and they're sticking to it. 

Wed, 07/16/2014 - 11:48 | 4962775 Bear
Bear's picture

He must have lots of gold

Wed, 07/16/2014 - 10:55 | 4962613 I Write Code
I Write Code's picture

Price would include a ton of intellectual property not directly revenue producing and that's exactly why he would bid at all, but yes, just possibly yes it's a Sign of Doom.

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