News Corp (NWS:NASDAQ) is taking allot of bad press lately:
“The Royal British Legion, Telefonica SA’s (TEF) U.K. business O2, Wal-Mart Inc.’s (WMT) supermarket chain Asda Group Ltd., Boots, npower, Dixons Retail PLC (DXNS.LN) and J Sainsbury PLC (SBRY.LN) Thursday joined a growing list of companies cutting ties withNews Corp.’s (NWS) U.K. tabloid newspaper News of the World following further allegations over phone hacking.”
With this extreme outrage, I am reducing my holding with NWS by 500 shares, leaving just 200 shares in my portfolio. (Cost basis of remaining shares is $10.05) I sold at $18.01 per share.
I like this stock because of the conservative niche Rupert Murdock has his media properties positioned.
News Corporation operates as a diversified media company worldwide. The company’s Filmed Entertainment segment produces live-action and animated motion pictures for distribution and licensing in entertainment media, as well as produces and licenses television programming worldwide. Its Television segment operates approximately 27 broadcast television stations and broadcasts network programming in the United States; and develops, produces, and broadcasts television programming in Asia. The company’s Cable Network Programming segment produces and licenses programming distributed through cable television systems and direct broadcast satellite operators primarily in the United States. Its Direct Broadcast Satellite Television segment distributes premium programming services via satellite and broadband directly to subscribers in Italy. The company’s Magazines and Inserts segment publishes free-standing inserts, which are promotional booklets containing consumer offers distributed in the United States; and provides in-store marketing products and services, primarily to consumer packaged goods manufacturers in the United States and Canada. Its Newspapers and Information Services segment publishes The Times, The Sunday Times, The Sun, and News of the World national newspapers in the United Kingdom; approximately 146 newspapers in Australia; and metropolitan newspaper and a national newspaper in the United States, as well as offers various information services. The company’s Book Publishing segment publishes English language books worldwide. Its Other segment sells advertising, sponsorships, and subscription services on the company’s various digital media; and outdoor advertising space on various media, primarily in the Russian Federation and eastern Europe. This segment also provides mobile entertainment services. News Corporation was founded in 1922 and is headquartered in New York, New York
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