Friday, July 1, 2016

Free money

Rupert Murdoch's all new News Corp reported close to $2,000 million in cash and cash equivalents at the end of 2015.  At December 2015 exchange rates, that was worth around £1,350 million.

At yesterday's exchange rates, it was worth just over £1,500 million - up by £150m. So spending £220m on buying the 22 radio stations of The Wireless Group wasn't all that painful.

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