U.K. Lawmakers Summon Murdoch

Glen Argov / Landov

In an attempt to arrest a steep slide in stock value, Rupert Murdoch’s News Corp. announced Tuesday morning that it will buy back $5 billion in shares in the company. The company has lost $7 billion in market value in the last four days as the News of the World hacking scandal engulfs the company, but the buyback should help to stanch the bleeding, prop up the price, and perhaps save the company’s planned takeover of BSkyB, a British TV company. Meanwhile, Murdoch faces political problems, too. In the wake of news that his reporters hacked into the data of former prime minister Gordon Brown and his family, U.K. lawmakers have summoned Murdoch, his son James, and deputy Rebekah Brooks to testify before a Parliamentary committee on July 19.