At the twilight of his career, Rupert Murdoch seems determined to go out on top.
Per Bloomberg:
The 21st Century Fox Inc. chairman stands to be a big winner after rival Sinclair Broadcast Group Inc.’s plan to buy Tribune Media Co. was thrown into jeopardy on Monday. Ajit Pai, the chairman of the Federal Communications Commission, questioned the legality of the deal and proposed a hearing that could kill it.
The sudden setback for Sinclair is the latest evidence of Murdoch enjoying a hot streak in the nation’s capital. Since the 2016 presidential election, the billionaire has forged close ties with President Donald Trump. The president’s administration has recently made a series of decisions that could benefit Fox’s business or thwart its competitors. A spokesperson for Fox declined to comment.
Last week, the Justice Department appealed a ruling that allowed AT&T Inc. to buy Time Warner Inc. Though considered a long shot, the move threatens to unwind a deal involving one of Fox News’s rivals, the CNN news network, and also complicates attempts by Comcast Corp. to buy much of Murdoch’s empire. The cable company’s bid for Fox’s assets hinged partly on AT&T winning its case, since it lessened concerns among Fox shareholders that regulators would intervene.
Fox has an agreement with Walt Disney Co., and the Murdoch family would see more tax benefits in that deal than with Comcast. While the Trump administration held up AT&T’s deal for about 20 months, regulators approved Disney’s purchase of Fox in June after six months.
The reality that Sinclair may soon compete against Fox News, currently the sole right-leaning news network in primetime, only adds to their rivalry.
Reports show Sinclair has attempted to hire former Fox News stars to create a formidable lineup. The station also plans to start a streaming TV service that could compete with Fox.
AAN Staff
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