Murdoch turns 80, on cusp of huge takeover
AS he marks his 80th birthday, Rupert Murdoch is on the cusp of one of the biggest deals his global media empire News Corporation has ever done.
The proposed transaction is a complete takeover of UK satellite television operator British Sky Broadcasting (BSkyB), which would cement News Corporation’s move away from relying on the cyclical advertising market to drive earnings.
Instead, the BSkyB business, as well as News Corp’s global suite of cable TV channels and satellite TV businesses puts the company squarely in the content and distribution business and less prone to advertising’s notorious ups and downs.
I t also continues News Corp’s migration towards direct consumer subscription revenues evident over the past 10 years or so.
In 2009/ 10, News Corp reported operating income, or earnings before interest and tax, of almost $ US4 billion.