Media stocks jump on News Corp.'s Dow Jones bid
NEW YORK (Reuters) - U.S. newspaper and media stock jumped on Tuesday following news that Rupert Murdoch's News Corp. made an unsolicited $60 per share bid for Wall Street Journal publisher Dow Jones & Co Inc.
Dow Jones shares were halted on the New York Stock Exchange but rose 58 percent to $57.28 in composite trading.
Other newspaper stocks shot up. New York Times Co. shares rose nearly 10 percent, while USA Today publisher Gannett Co. Inc. rose more than 5 percent.
Shares of Reuters Group Plc, which competes with Dow Jones's newswire service, rose 3.6 percent on the Nasdaq stock market to $59.27.
Belo Corp. rose 2.8 percent to $19.81, while McClatchy Co. rose 5 percent to $30.41.
News Corp. fell 65 cents, or almost 3 percent, to $21.74.