News Corp will use $3.2bn of the cash it had stored up(router,verizon wireless,wireless network,wireless internet,i phone,i phone verizon,my verizon wireless,wireless adapter,att wireless)
for the acquisition of British Sky Broadcasting to boost its share buyback programme from $1.8bn to $5bn, in Rupert Murdoch’s latest dramatic response to a crisis that has weighed heavily on the media group’s shares.
The unexpected Tuesday morning announcement is likely to be welcomed by investors and analysts who have long argued for larger buybacks, but is unlikely to dent News Corp’s ability to afford the 61 per cent of BSkyB it does not already own.
On Monday, News Corp opted for a longer review of that deal at the hands of the UK Competition Commission, rather than face a hostile political climate in which ministers were coming under growing pressure to intervene in the deal and other regulators were being asked whether News Corp was a “fit and proper” media owner.
The expanded buyback programme, which will be made over the coming 12 months, is News Corp’s latest tactical response to a spreading legal, political and corporate crisis emanating from allegations of phone hacking on its News of the World tabloid Sunday newspaper.
Last week, James Murdoch, head of News Corp Europe and Asia, announced that it would close the London title, and, on Monday, News Corp withdrew the concessions that would have averted a Competition Commission investigation that could take six months to a year.
News Corp can easily afford the buyback, analysts said, with annual free cashflow of about $1.3bn, and net debt at just 0.3 times estimated 2012 earnings before interest, tax, depreciation and amortisation (ebitda).
One analyst estimated that its planned purchase of BSkyB would have taken net debt to just 2.3 times ebitda, and that the multiple would rise to a still manageable three times with the larger buyback.
The likely delay left News Corp facing the prospect of having more than $10bn of unused cash on its balance sheet for another year. The buyback may aso have the effect of shoring up the Murdoch family’s control of the company, if they tender none of their own shares to the programme.
News Corp’s dual class stock gives Murdoch family trusts control of just under 40 per cent of the voting rights with a far smaller equity stake.
News Corp shares, which suffered their biggest daily loss since April 2009 on Monday, opened up as much as 3.5 per cent in New York on Tuesday to $16.57.
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Showing posts with label Boosts. Show all posts
Showing posts with label Boosts. Show all posts
Tuesday, July 12, 2011
Monday, July 4, 2011
Verizon Wireless Boosts Coverage In The Los Alamos, New Mexico, Area To Help Emergency Crews Battling The Las Conchas Fire Make More Calls
Verizon Wireless Boosts Coverage In The Los Alamos, New Mexico, Area To Help Emergency Crews Battling The Las Conchas Fire Make More Calls
Customer Inquiries
For customer inquiries, please call 800-922-0204 or go to
Contact Us
Media Contact Info
Jenny Weaver
Jenny.Weaver@VerizonWireless.com
480-763-6321
06/29/2011
What/when:
On June 29, 2011, Verizon Wireless deployed a wireless repeater to boost coverage for emergency crews battling the Las Conchas Fire near Los Alamos, NM. Last week, on June 23, the company also deployed a wireless repeater to the Incident Command Post for the Pacheco Fire near Santa Fe.
Reliability:
In addition to its fleet of mobile equipment, Verizon Wireless’ reputation as the nation’s largest and most reliable 3G wireless network is supported by industry-leading redundancy and maintenance measures. This has proven particularly valuable during natural disasters and other emergencies across the country. Standard Verizon Wireless network-reliability features include battery back-up power at all facilities as well as generators installed at all switching facilities and many cell site locations.
Network investment:
Since 2000, Verizon Wireless has invested more than $375 million in its wireless network in New Mexico and El Paso, Texas, and more than $65 billion nationally.
Emergency preparedness:
About Verizon Wireless
Verizon Wireless operates the nation’s fastest, most advanced 4G network and largest, most reliable 3G network. The company serves 104 million total wireless connections, including more than 88 million retail customers. Headquartered in Basking Ridge, N.J., with 85,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications (NYSE, NASDAQ: VZ) and Vodafone (LSE, NASDAQ: VOD). For more information, visit www.verizonwireless.com. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at www.verizonwireless.com/multimedia.
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