Murdoch's Italian TV deal 'depends on price'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Rupert Murdoch was locked in meetings with senior executives in London last night after spending the day in Italy discussing purchase of a controlling stake in Silvio Berlusconi's three television channels.
The chairman of News Corp was "definitely a buyer" of the stations if the price was right, according to sources within the Murdoch empire. The price is expected to be at least $2bn (pounds 1.25bn) for control of three of Italy's most popular television stations.
Mr Murdoch changed his plans to make the trip following a short visit to France for talks on another possible media deal, sources said. He and Mr Berlusconi spoke for several hours and had lunch together.
The timing of the Italian visit was unsurprising. Earlier this week, efforts to reach a negotiated settlement in the impasse over Mr Berlusconi's media empire collapsed, paving the way for a referendum on June 11 that could force him to divest at least one of his channels.
Criticism of Mr Berlusconi's dominance of commercial television has grown more vociferous since he resigned as prime minister of Italy in December.
Mr Murdoch is believed to be pushing for a controlling stake in Mr Berlusconi's holding company, Fininvest, which owns a leading ad agency as well as the three commercial channels.
It is understood both sides have hired financial advisers to help settle on a price for the stake and to hammer out a possible deal between Fininvest and News Corp. Suggestions that Fininvest may be in a degree of financial trouble will be clarified in the next few days.
Executives at BSkyB, the satellite and cable broadcaster 40 per cent owned by News Corp are also understood to have travelled to Italy in recent weeks to discuss a possible deal with Mr Berlusconi.
Mr Murdoch normally becomes personally involved late in the negotiating stages of any acquisition, although it is understood that a deal has not yet been finalised.
News Corp has about $1bn in cash to spend on media acquisitions, and stands to receive up to $2bn from MCI, the US telecoms company which earlier this month agreed to buy a 13 per cent stake in News Corp.
Mr Murdoch is scheduled to spend several days in London reviewing News Corp budgets.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments