Cisco Set To Buy Cybersecurity Firm For USD 28 Bln
Cisco Systems (CSCO.O) has agreed to buy cybersecurity firm Splunk (SPLK.O) for about USD 28 billion in its biggest-ever deal to strengthen its software business and capitalize on the boom in artificial intelligence.
Auto Workers Rally As Strike Expands
United Auto Workers (UAW) members rallied against the Detroit Three automakers in multiple U.S. states yesterday afternoon as Friday’s deadline loomed for a threatened expansion of the union’s strikes.
U.S. Chip Stocks Stall Over Valuation
Some of the shine is wearing off shares of Nvidia (NVDA.O) and other U.S. semiconductor companies after a stunning 2023 rally, as investors weigh steep valuations, rising Treasury yields and signs of industry unease.
Today’s News
Media mogul Rupert Murdoch declares that he is stepping down as chairman of Fox and News Corp., with his son Lachlan to head both companies. In a memo to employees, Murdoch said “the time is right” for him to take on “different roles”.
Murdoch, 92, launched Fox News in 1996. It is now the most watched TV news channel in the U.S. Murdoch said he will transition to the role of Chairman Emeritus of both firms in mid-November.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges,” he wrote. “We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.”
Lachlan Murdoch, 52, is the son of Rupert Murdoch and his second wife, Anna Maria dePeyster. The billionaire patriarch has been married four times and has six children, many of whom followed their father into the family business.
The question of succession had largely come down to the second, third and fourth – Elisabeth, Lachlan and James. Lachlan emerged as the heir apparent during his time as an executive in the late 1990s. However, he left the business in 2005 after a feud with the then boss of Fox News, Roger Ailes. Lachlan returned to his father’s empire in 2014 and has held top positions ever since.
Other related news include:
Rupert Murdoch Steps Down After 7 Decades
Rupert Murdoch, one of the most influential and controversial figures in the media world, is stepping down as chairman of his Fox Corp. and News Corp. empire following a career that spans over 7 decades.
Murdoch served as an unabashedly conservative voice with ownership of newspapers in the U.S., U.K. and his native Australia. He created a television conglomerate that includes U.S. cable news juggernaut Fox News. His reach made him a kingmaker in conservative politics and reshaped the media and entertainment landscape worldwide.
Fox Corp. CI A Stocks Brushes Past Competition
Shares of Fox Corp. Cl A (FOXA) experienced a 3.18% hike to USD 32.14 yesterday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index (SPX) falling by 1.64% to 4,330.00 and Dow Jones Industrial Average (DJIA) falling by 1.08% to 34,070.42.
Fox Corp. Cl A closed at USD 5.12, short of its 52-week high at USD 37.26, which the company achieved on February 17 this year. The stock outperformed some of its competitors yesterday as Apple Inc. (AAPL) fell by 0.89% to USD 173.93, Amazon.com Inc. (AMZN) fell by 4.41% to USD 129.33, and Netflix Inc. (NFLX) fell by 0.56% to USD 384.15. Trading volume (5.4 M) eclipsed its 50-day average volume of 4.2 M.
Lewis Has Backing To Buy The Telegraph
As he prepares to be knighted next month by King Charles III, former Murdoch lieutenant and one-time Prime Ministerial adviser William Lewis is once again at the heart of media intrigue — just how he seems to like it.
In an interview, Lewis said he’s lined up funding for a takeover of his former employer Telegraph Media Group Ltd., in an auction he expects will kick off in the next couple of weeks. The 168-year-old title is on the block after Lloyds Banking Group Plc dramatically terminated directors from the Barclay family and put the business up for sale in June to address long-running unpaid debts.
