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News Corp To Consider Newspaper Acquisitions In U.S.-WSJ

Thursday, 30 May 2013 08:37am EDT 

The Wall Street Journal reported that News Corp. Chairman and Chief Executive Rupert Murdoch told investors that the print media company to be spun out of the media conglomerate next month might consider newspaper acquisitions in the U.S. if the price were right but that regulatory hurdles made such deals "pretty unlikely. The media company, which plans to spin off its newspaper, book publishing and Australian assets into a company with the News Corp. name, has been seen as a potential bidder for the Los Angeles Times, one of a number of Tribune Co. owned newspapers now on the market. Mr. Murdoch didn't specifically refer to the Los Angeles Times in his remarks, although last summer he said he would think about a possible purchase. News Corp. owns TV stations, however, in Los Angeles, which given cross-media ownership rules would currently prevent any company controlled by Mr. Murdoch from buying a newspaper in Los Angeles. Mr. Murdoch will effectively control the spinoff company, as he does News Corp. currently. Mr. Murdoch was talking to investors at a presentation to highlight assets of the spinoff retaining the News Corp. name. Those businesses include Dow Jones & Co., publisher of The Wall Street Journal; the company's British and Australian newspapers; as well as book publisher HarperCollins and the education business Amplify. Meanwhile, the company holding onto News Corp.'s film and television businesses the bulk of its assets will be renamed 21st Century Fox. 

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