Amid Scandal, News Corp. Stock Drops Dramatically
Seven percent dive follows BSkyB news
The phone hacking scandal that has rocked Rupert Murdoch’s News Corp. and led to the closure of its News of the World has not gone unnoticed on Wall Street.
On Monday, News Corp. stock dropped by over seven percent, ending up at $16.10 when the market closed. That's just about $3—and more than 15 percent—off the company’s 52 week high of $19.08.
The event that likely had the greatest impact on News Corp. investors Monday was the company’s announcement that it was withdrawing concessions it had made to the British government in order to win approval for the pending deal to buy the 61 percent of satellite broadcasting company British Sky Broadcasting it does not currently own.
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