Looks like
Murdoch is headed for a fight:
Rupert Murdoch's News Corp., the world's fifth-largest media company, yesterday adopted a plan to thwart any hostile takeover after John Malone's Liberty Media Corp. said it planned to boost its stake in the company.
The plan, called a "poison pill" occurs just as Murdoch is trying to shore up News Corp. before his two sons, Lachlan and James, take firm control. Apparently, over the weekend, there may have been a falling out between the two friends, John Malone and Rupert Murdoch, who is now an American citizen. Increasing his shares of News Corp. stock would make John Malone, who is already the largest single shareholder in the company, own 17% of Fox. Murdoch owns 29.5% of News Corp. stock. A forced merger may be imminent.
And I think Murdoch is really scared. He's really wanting to hand control over to the next generation of Murdochs--it's his legacy he is fighting for. But the best plans of mice and men, cautions the poet, often go astray. Even his sons are said to be warring against each other, and that one is not so talented as the other.
Keep an eye on this one, folks, and other developments influencing the corporate SCLM. Also, check out who really owns what in the media. While The Street insists that Malone's move wasn't really hostile, this could be the usual window dressing about it being just business. Just remember Don Corleone also did business, too. While the cunning John Malone is no liberal, imagine what might occur if Murdoch was no longer able to make policy at Faux. Would there gradually be a relaxed corporate news atmosphere resulting in more balanced coverage?