Media Baron Rupert Murdoch Backtracks On Plan To Merge Fox, News Corp: NYT

New York News Corp, one of Rupert Murdoch’s media companies, said in a statement on Tuesday that he had determined that combining it and the Fox Corporation was “not optimal for shareholders of News Corp and Fox at this time,” according to the New York Times. The boards of both media companies revealed in October that Murdoch had proposed reuniting the two companies nearly ten years after they split up, according to the New York Times, adding that both Fox and News Corp established independent committees of their boards to…

Read More

Rupert Murdoch deposition in Dominion-Fox lawsuit delayed until next week

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho. Drew Angerer | Getty Images Fox Corp. Chairman Rupert Murdoch is now slated to appear for a deposition later in January as part of Dominion Voting’s defamation lawsuit against the company and its cable news networks. Murdoch had initially been scheduled to appear for a deposition in December, but he’s now set for Thursday and Friday…

Read More

Former Theranos COO Sunny Balwani sentenced to nearly 13 years in prison

Sunny Balwani, former president of Theranos Inc., arrives at federal court in San Jose, California, on Wednesday, Dec. 7, 2022. David Paul Morris | Bloomberg | Getty Images Former Theranos chief operating officer and president Ramesh “Sunny” Balwani was sentenced to nearly 13 years in prison Wednesday for fraud, after the unraveling of the blood-testing juggernaut prompted criminal charges in California federal court against both Balwani and Theranos founder Elizabeth Holmes, who on Nov. 18 was sentenced to more than 11 years in prison. During the sentencing hearing, attorneys for…

Read More

Potential News Corp, Fox reunion faces opposition from large shareholder

Rupert Murdoch, Chief Executive Officer of News Corp. Getty Images Rupert Murdoch’s proposed plan to reunite News Corp and Fox is facing opposition from one of the largest shareholders in both companies, Independent Franchise Partners.  The London-based firm believes other alternatives, such as a breakup of News Corp, should also be explored. It also thinks a recombination wouldn’t realize the full value of the company, a spokesperson confirmed to CNBC on Wednesday, following an earlier report from The Wall Street Journal.  related investing news Hightower’s Stephanie Link buys shares of…

Read More

Theranos founder Elizabeth Holmes sentenced to more than 11 years in prison

Theranos founder Elizabeth Holmes was sentenced Friday to more than 11 years in prison for fraud after deceiving investors about the purported efficacy of her company’s blood-testing technology. She was ordered to surrender on April 27. Holmes was convicted in January in the U.S. District Court for the Northern District of California. She cried while speaking to the court ahead of her sentencing on Friday. “I loved Theranos. It was my life’s work,” Holmes said. “My team meant the world to me. I am devastated by my failings. I’m so…

Read More

News Corp. stock up, Fox shares down as investors weigh possible merger

A person walks past Fox News Headquarters at the News Corporation building on May 03, 2022 in New York City. Alexi Rosenfeld | Getty Images Shares of News Corp. rose while Fox shares fell Monday as investors weighed the possibility of Rupert Murdoch’s media companies recombining nearly decade after they split. The companies had announced Friday that they were exploring a merger, with each News Corp. and Fox saying they formed special committees to explore the possibility. The deal would consolidate Murdoch’s leadership over Fox’s news, sports and business channels…

Read More

Stocks making the biggest moves premarket: Continental Resources, Bank of America, Apple and others

Check out the companies making headlines before the bell: Continental Resources (CLR) –Chairman and founder Harold Hamm and his family will acquire the shares of the energy producer that they don’t already own for $74.28 per share. The deal is not contingent on any financing and is expected to close before the end of the year. Continental surged 8.6% in the premarket. Bank of America (BAC) – Bank of America jumped 3.1% in premarket trading after beating top and bottom line estimates in its third-quarter earnings report. Results were boosted…

Read More

Fired Fox News editor Chris Stirewalt says he will testify before Jan. 6 riot committee

Former U.S President Donald Trump is seen on video during the hearing of the U.S. House Select Committee to Investigate the January 6 Attack on the United States Capitol, on Capitol Hill in Washington, U.S., June 9, 2022.  Jonathan Ernst | Reuters A former Fox News political editor who was fired by the cable network last year said Friday that he will testify Monday at the House select committee’s next hearing about the pro-Trump Jan. 6 riot at the Capitol. Chris Stirewalt made the announcement on the Newsnation cable network,…

Read More

Verdict in fraud case of Theranos founder Elizabeth Holmes offers lessons for investors

Sometimes an investment is too good to be true. Take Elizabeth Holmes’ health-care start-up, for example. On Monday, the founder and former CEO of Theranos was found guilty of four charges in her criminal fraud trial. Nearly a decade ago, Holmes raised $945 million from high-profile investors including media mogul Rupert Murdoch, former Education Secretary Betsy DeVos and the Walton family of Walmart fame. To lure investors, witnesses testified that Holmes’ claims about the company’s blood-testing technology were either exaggerated or false. In the end, jurors convicted Holmes of wire fraud and…

Read More

Jury finds Theranos founder Elizabeth Holmes guilty on multiple charges in criminal fraud trial

This is breaking news, check back for updates. SAN JOSE, Calif. — Theranos founder Elizabeth Holmes, the one-time billionaire and darling of Silicon Valley who promised a revolutionary blood testing technology, has been found guilty of four charges in her criminal fraud trial. The jury of eight men and four women were handed the case in mid-December after three months of proceedings and testimony from 32 witnesses. Deliberations lasted more than 50 hours over seven days. U.S. District Court Judge Edward Davila will sentence Holmes at a later date. Holmes was found…

Read More