SIGNUPABOUTBW_CONTENTSBW_+!DAILY_BRIEFINGSEARCHCONTACT_US


Murdoch's Math Problem

News corp.'s balance sheet is in good shape.. 

.

YEAR ENDED JUNE 30, 1996        BILLIONS OF DOLLARS
REVENUES                         $9.9, up 10%
CASH FLOW                         1.4, up 1%
TOTAL DEBT                        6.7, up 13%
ASSETS                           24.2, up 16%
...But its depressed stock doesn't reflect his assets 
                                PER-SHARE VALUE
NEWS CORP. STOCK PRICE                $15*
BSKYB HOLDING**                      7.67
                                ESTIMATED PER-SHARE VALUE
FOX NETWORK STATIONS                $8.67
FOX STUDIO                           3.61
HARPERCOLLINS                        0.90
TV GUIDE AND COUPON UNIT             3.31
NEWSPAPERS                           6.63

*As of May 13, for nonvoting shares traded in the U.S. as depositary receipts
   
**Separately traded British Sky Broadcasting is 40% owned by News Corp.


DATA: COMPANY REPORTS, MONTGOMERY SECURITIES, STATE STREET RESEARCH ESTIMATES




  






  



Return to main story

Updated June 15, 1997 by bwwebmaster
Copyright 1997, by The McGraw-Hill Companies Inc. All rights reserved.
Terms of Use