Rupert Murdoch Buys $20.2 Million in News Corp. Stock
The purchase of non-voting shares, disclosed in a regulatory filing, marks his first in years.
NEW YORK - News Corp. chairman and CEO Rupert Murdoch bought approximately $20.2 million of non-voting stock in his media conglomerate, according to a regulatory filing late Thursday.
When executives make such purchases, Wall Street typically sees them as an expression of trust in the company and its stock.
News Corp. shares last year underperformed its peers amid concerns about a bid to take full control of U.K. satellite TV provider BSkyB and the outlook for MySpace, among other issues.
The stock purchases are "a sign of his belief in the company," a spokeswoman told The Wall Street Journal. They mark the first time Murdoch has bought News Corp. shares since acquiring 100 shares on Aug. 2006, the Journal said, citing the Washington Service.
According to the filing, Murdoch acquired about 1.2 million Class A shares this week at an average price of $16.81 each.