1. News of the World

    Shares in Murdoch Companies Fall

    Rupert Murdoch, chairman and CEO of News Corporation, attends the e-G8 meeting gathering Internet and information technologies leaders and experts at the Tuileries gardens in Paris on May 24, 2011. The heads of virtual giants Facebook, Google, and eBay were invited to meet to formulate proposals on the future on the Internet ahead of the G8 summit in France. AFP PHOTO POOL / LIONEL BONAVENTURE (Photo credit should read LIONEL BONAVENTURE/AFP/Getty Images)

    Lionel Bonaventure, AFP / Getty Images

    Shares in Rupert Murdoch’s News Corp. took a nosedive Thursday as a result of the News of the World scandal, as the paper’s parent company lost some $400 million in value. After the initial nosedive, News Corp. recovered and finished the day at $17.94. Fears over that the deal with broadcaster BSkyB would not go through—Murdoch has been hoping to acquire a 61 percent stake in the company—caused the company to lose some £666 million (roughly $1 billion) in value over the last week. While the News Corp. deal is still expected to go through, BSkyB has lost 6 percent of its value in a week. Regulator Ed Richards suggested a “fit and proper test” to make sure media groups are adhering to high standards. The U.S.-traded company already lost more than $1 billion in revenue Wednesday.

    Read it at The Guardian