Aug 21 2009
Business Trends | Dow Jones Industrial Average Put Up For Sale by Rupert Murdoch
Business Trends
while I’m sure he hates to do it, the difficult economic conditions seem to have forced Rupert Murdoch and News Corp. to put the most famous stock market index in the world up for sale: the Dow Jones Industrial Average.
Word is Murdoch has hired investment bankers Goldman Sachs to search out a buyer for the business. The DJIA was launched 113 years ago by Charles Dow.
The entertainment industry is in lock down because of the lack of advertisers to push growth, so Murdoch has to find ways to generate revenue from the $5.7 billion he paid for the overall Dow Jones & Company, the parent of the DJIA.
Some analysts believe Murdoch could get somewhere around $700 million, helping it to pay down the debt used to finance the acquisition during a time when money is tight.
Another possibility is a company could invest in a portion of the Dow Jones Industrial Average and work together as a joint venture.
People close to the situation add that one of the conditions of acquiring the stock market index is that the name Dow Jones Industrial Average must be retained.
Business Trends
