Murdoch's News Corp denies Twitter talk
Published 22/01/2016 | 02:30
Rupert Murdoch's News Corp said rumours about the company's interest in buying Twitter or building a stake in it were untrue. Twitter's shares, which rose as much as 14pc on Wednesday, pared some gains and closed up 4.1pc at $17.38 yesterday.
The stock rose from a record low after unconfirmed chatter about News Corp's interest in Twitter circulated on Wednesday. The rumours intensified after a CNBC segment, tech website Re/code said. The social media site was evaluated as a takeover target because of the company's shrinking stock price, Re/code said. In the few months since co-founder Jack Dorsey returned as the chief executive, Twitter has been trying to make the site more engaging.
It said in December it was testing a feature to show ads to people who read tweets without logging in as it tries to monetise non-active users. "Twitter inside a larger organisation definitely makes theoretical sense, whether its another internet company or a media company," Monness, Crespi, Hardt, & Co analyst James Cakmak said.
A News Corp spokesman said there was no truth to the rumours. (Reuters)