Murdoch’s Bid Announcement Leads to 5% Rise in BSkyB’s Shares
A rise of 28.5p in the shares of the satellite giant BSkyB was reported immediately after the release of the news on Rupert Murdoch's indication of bidding for the remaining 61% stake in BSkyB's shares.
Murdoch's News International already owns 39% of BSkyB's business. He has now announced his plans of bidding at 735p a share for the rest of the part.
With the 5% rise in its shares, BSkyB has presented the best show at the FTSE 100 index.
"It seems that the strength in equity markets is far from dying away and we could well see US markets follow suit by breaking their January highs", said James Hughes, at CMC Markets.
The previous records show the excellent recovery of BSkyB from the economic meltdown. The bid will enhance its profit margins, which may cross the 20% mark in the next 3 years.
The expansion in the customer base of the HDTV will in turn swell the subscription of Sky making it more than 10 million. The subscription confidence is further enhanced as the World Cup in South Africa is on the cards.
However, the acquisition of BSkyB would come at a cost of £7.6bn, when New Corps. is already suffering a debt amount of £5bn.
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