Less like a noble sea captain, and more like the rat he is, Rupert Murdoch has just sold 3.6 million shares of his own criminal enterprise. That's nearly one third of his Class A holdings. The company's value dropped 4 percent on Wednesday, one percent yesterday, and two percent today. And on Monday, News Corp. is going to take a massive blow, which I'll explain after the jump.
From Bloomberg:
News Corp. (NWSA) Chairman and Chief Executive Officer Rupert Murdoch sold 3.6 million shares of the media company’s Class A shares, according to a regulatory filing today.
Murdoch sold the shares for about $61.7 million, according to prices in the filing. Prior to the sale, Murdoch held 12.8 million Class A shares based on the company’s most recent proxy statement filed in September.
...
News Corp. fell 1.8 percent to $16.32 at the close in the New York.
http://www.bloomberg.com/...
(apologies for giving Mayor Putz the clicks)
Okay, so News Corp. is already starting to sink - falling 7 percent in the past three days. And on Monday, Both Hugh Grant and the parents of Millie Dowler will be testifying before the Leveson Inquiry! Buh-bye, Rupie.
From The Guardian:
The Dowlers and Grant will be joined on Monday by Jude Law's lawyer, Graham Shear, and Joan Smith, the writer and former partner of Labour MP Dennis MacShane.
Monday will be the start of five days of sustained and uncomfortable criticism of the press by 21 celebrities and public figures who are alleged victims of intrusion and have been chosen to give evidence to the inquiry into media standards.
On Tuesday the actor Steve Coogan, who has also railed against the press, will be among the witnesses, followed by Elle Macpherson's former adviser Mary Ellen Field, the ex Premier League footballer Garry Flitcroft and Margaret Watson, the mother of a 16-year-old schoolgirl who was murdered in 1991.
http://www.guardian.co.uk/...
Please support the book that Brit is writing, and I am illustrating, about the fall of the House of Murdoch:
http://unbound.co.uk/...
Have a good weekend, everybody!
UPDATE 1:
From the comments, ceebs has found a stunningly desperate and hypocritical plea from News Corp, regarding next week's avalanche of testimony:
Phone-hacking victims must not launch 'witch-hunt', says News International
News International has told the high court the celebrities, politicians and victims of crime suing the company over phone hacking must not be allowed to conduct a "witch-hunt" against the newspaper group.
A number of well-known figures, including Jude Law, Labour MP Chris Bryant and members of the public including Sheila Henry, whose son was killed in the 7/7 bombings, are suing the formerNews of the World owner for breach of privacy. In total News International is facing more than 60 civil actions for breach of privacy relating to phone hacking by the now-closed Sunday tabloid.
Michael Silverleaf QC, for News International, said: "it is not appropriate … for claimants to conduct a crusade. The proceedings must not be conducted as a witch-hunt against my client."
http://www.guardian.co.uk/...
Ceebs also has several other juicy Murdochgate updates in the comments - it's really starting to snowball. w00t!
UPDATE 2:
More from ceebs:
HACKGATE DAY 320: WHY DOES MURDOCH NEED £47m SUDDENLY?
Rupert Murdoch sold the vast majority of his personally controlled non-voting shares in Newscorp at some point in the last four weeks. It doesn’t dilute his control over Newscorp, but it does beg several questions. None of them were being answered last night by Jack Horner, a News Corp. spokesman, who declined to comment. He sat in the corner sucking his thumb, having no plum to offer us.
Murdoch sold at the highest point of Newscorp share values this year, and according to the record books this is the biggest non-deal connected sale he has ever undertaken. He was out to raise the maximum in cash. Why?
http://hat4uk.wordpress.com/...