Murdoch not happy over ITV

October 20, 2008

It seems that the Chairman of the News Corporation, Rupert Murdoch is not too happy about the ruling that means satellite broadcaster, BSkyB, has got to sell off a large percentage of its holding in fellow broadcaster ITV.

Rupert Murdoch thinks the decision that the competition commission made with regards to this holding is a huge injustice.

He believes that when BSkyB bought the stake in ITV to stop Virgin Media from taking it over, it was a perfectly legitimate business move.

The problem for a business like News Corporation is that they are cash rich, some estimates are that there could be as much as $5 billion, but there are limited opportunities for them to expand by taking existing businesses over.

However, with the current financial crisis, they may be well warned to keep hold of the cash and wait for things to calm down.


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