NewsCorp Shares Slip After DirecTV Placement

15 January 2004

The stock price of News Corporation has slipped after preferred shares linked to its purchase of US satellite operator DirecTV hit the market.

The Murdoch empire is buying a 34% controlling stake in DirecTV's parent, Hughes Electronics, from General Motors. As part of the deal, it has issued shares to GM, and a large portion of this stock has now been sold on to investors in the US and Australia.

As a result, NewsCorp's shares in New York dropped 1.45% on Tuesday to close on $36.80 (€29.09; £20.06). In Australia, ordinary shares fell by A$0.18c to A$11.86, while preferred stock slipped A$0.19c to A$10.04.

Data sourced from: Sydney Morning Herald; additional content by WARC staff