Murdoch and News Corp. holding onto wallet

Cash is king for News Corp. (NYSE:NWS) chairman and CEO Rupert Murdoch. With $6 billion in cash and the economy still in a state of flux, Murdoch is steering News Corp. away from deals.

"I don't see an end to the downturn, and I can't predict when we'll start to see a rebound," Murdoch said in an interview with Bloomberg at the Allen & Co. media conference in Sun Valley, Idaho. "It's better to hold onto what we've got until it's clearer when there's an end."

Those words obviously include staying away from buying Twitter Inc., which Dealscape's George White noted Thursday.

Prior to the global credit crisis, News Corp. was one of the most acquisitive media companies around. Here's a sampling of their most notable acquisitions prior to the slowdown of the global economy:

• Jamba! AG (NASDAQ:VRSN) in October 2008 (See The Deal Pipeline -- subscription required)
• Betten Financial News in March 2008
• 30% share in TV Riga in May 2008 (See The Deal Pipeline -- subscription required)
• Increases stake in Preimere AG to 25.01% in May 2008 (See The Deal Pipe -- subscription required)
• Beliefnet in December 2007 (See The Deal Pipeline -- subscription required)
• Dow Jones in August 2007 (See The Deal Pipeline -- subscription required)
• Intermix Corp. owner of My Space in July 2005 (See The Deal Pipe -- subscription required)

- Gerald Magpily

 

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