Friday, June 14, 2013

News Corp shares bounce as Murdoch-Deng split clears decks before company split

News Corporation shares trading in New York ended 2.4 per cent higher in the wake of news that Rupert Murdoch and Wendi Deng were divorcing.

Listen to my take from this morning's edition of AM.

Investors appear more confident that the bad news has cleared before the official company split between publishing and entertainment arms.

Also, confirmation - if needed - that Mr Murdoch had an ironclad pre-nuptial agreement with Ms Deng soothed fears of a messy divorce.

Quote of the day goes to the celebrity divorce attorney Raoul Felder who told Bloomberg:

"If he (Mr Murdoch) doesn't have a prenup, he would have to see a psychiatrist and not a lawyer."