Word: murdochs
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WHOM YOU'LL SEE About 300 of Wall Street's and Hollywood's most powerful and famous (and about 100 of their glittery offspring). This year: Rupert Murdoch, Bill Gates, Warren Buffett, Andy Grove, Barry Diller, Michael Eisner, Diane Sawyer (a longtime friend of Allen's), John Malone, Geraldine Laybourne, Diane von Furstenberg and Jerry Levin...
...YORK: Stock in Rupert Murdoch's News Corp. has gained 40 percent over the last 18 months -- which is pretty good. But Murdoch's archrival Time Warner (parent company of TIME Daily) is up 127 percent over the same period. Rupert wants to catch up, which is the main reason why News Corp. announced Monday that it would be offering 20 percent of its sexiest subsidiary, the Fox Group -- home to the Fox television network, the 20th Century Fox movie studio and the Los Angeles Dodgers -- to the public in a stock offering later this year. And this time, says...
...Spinning off the Fox Group means Murdoch can show investors his juiciest stuff and use the proceeds to pay off some of News Corp.'s sizable debt load -- which should pay off in a rising stock price. (News Corp. immediately gained $2 on the announcement.) And if there isn't exactly synergy between a baseball team and a movie studio in the entertainment industry, the formula works on Wall Street. Says Schwartz: "He's maximizing the value that he has by putting all the hot properties on sale together." Just imagine if the Dodgers start winning...
BREAKUP NO SCHLOCK FOR MURDOCH...
Naturally, RUPERT MURDOCH gave the scoop that his marriage was on the rocks to Liz Smith of his very own New York Post, which politely said the Australian-born tycoon and ANNA, his wife of nearly 31 years, were trying to work it out. Somewhat less naturally, he broke it to most of his family at about the same time. How do the media cover the split of a guy who buys ink by the tankerful? Delicately. In Australia, the big tabloids, which are Murdoch-owned, ran teensy items on inside pages. In Britain, Murdoch's Sun, for whom this...