Murdoch's News Corp strikes £220m talkSport takeover
Deal brings media mogul back into direct competition with the BBC, says Daily Telegraph
Rupert Murdoch's News Corp has struck a £220m deal to buy Wireless Group, the radio broadcaster that owns talkSport.
An all-cash offer, described by Wireless executive chairman Richard Huntingford as an "excellent" outcome, will see each shareholder receive 315p per share. The stock leapt on the news and at one point was up by as much as 70 per cent, from 184.5p to 313.5p.
In addition, all shareholders listed on the company's register as at 20 May will receive a special dividend of 6.15p and a final dividend of 7.6p, Sky News reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The jewel in the Wireless crown, talkSport owns the radio and digital broadcasting rights to the Premier League and the FA Cup, as well as the global live audio rights to the Premier League in multiple languages until 2019.
Buying the brand will put Murdoch "in direct competition with the BBC’s Radio 5 live", adds the Daily Telegraph, "potentially reigniting old hostilities".
Both Murdoch and his son, James, have previously been at the forefront of the criticism of the BBC's prominent licence fee-funded position, which the younger Murdoch once described as Orwellian.
Murdoch's empire already has a stranglehold on Premier League television broadcast rights through Sky Sports, which also shares highlights with fellow Murdoch-owned News UK newspaper titles The Times and The Sun.
Wireless, previously known as UTV, disposed of its suite of loss-making Irish broadcast channels, along with the UTV brand, to ITV for an undisclosed sum last October.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Why Bhutan hopes tourists will put a smile back on its face
Under The Radar The 'kingdom of happiness' is facing economic problems and unprecedented emigration
By Chas Newkey-Burden, The Week UK Published
-
7 beautiful towns to visit in Switzerland during the holidays
The Week Recommends Find bliss in these charming Swiss locales that blend the traditional with the modern
By Catherine Garcia, The Week US Published
-
The Week contest: Werewolf bill
Puzzles and Quizzes
By The Week US Published
-
Rupert Murdoch steps aside at the empire he built
Feature The last of the old-style 'press barons' has retired. What is he leaving behind?
By The Week Staff Published
-
Detroit: Auto workers’ strike puts Democrats in a bind
Feature President Biden will have to pick a side between the debate
By The Week Staff Published
-
Why Tucker Carlson was fired from Fox News
Under the Radar The top-rated Fox News host was dumped with little explanation, but both sides dropped hints through anonymous sources
By Peter Weber Published
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right now
Speed Read Britain is currently in the grip of an ‘employment crisis’
By The Week Staff Published
-
Will the energy war hurt Europe more than Russia?
Speed Read European Commission proposes a total ban on Russian oil
By The Week Staff Published
-
Will Elon Musk manage to take over Twitter?
Speed Read The world’s richest man has launched a hostile takeover bid worth $43bn
By The Week Staff Last updated
-
Shoppers urged not to buy into dodgy Black Friday deals
Speed Read Consumer watchdog says better prices can be had on most of the so-called bargain offers
By The Week Staff Published
-
Ryanair: readying for departure from London
Speed Read Plans to delist Ryanair from the London Stock Exchange could spell ‘another blow’ to the ‘dwindling’ London market
By The Week Staff Published