BSkyB and News Corp Shares Up on Testimony

Yesterday’s hysteria in Westminster was heavily discounted in the City and on Wall Street. As we go to pixel BSkyB shares are up well over 3% since yesterday’s open and News Corp’s shares bounced 4.51% yesterday on the back of the Murdoch testimonies.

Punters also slashed the odds of James Murdoch being forced to resign as News International CEO from odds on favourite to go, to a little less than evens. James Murdoch actually performed solidly yesterday, demonstrating a clear grasp of the issues. The way some people have been talking you would think they were on the verge of being burnt at the stake.

There will no doubt be more thrills and spills to come, wiser heads around Miliband might question the wisdom of becoming the anti-Murdoch party. When the dust settles, Labour may regret lashing itself to a cause of little interest to anyone outside the Westminster bubble and in the process making a mortal long-term enemy of James Murdoch. Guido has heard it remarked that it is actually right-wingers who should be wary of the media business being dominated by the next generation of Murdochs. James, Lachlan and Elisabeth are not conservatives like Rupert, they are actually centrist liberals with greenish tendencies who are embarrassed by the excesses of Fox News. Elisabeth was a big fundraiser for Obama. Imagine both the BBC and Murdoch empires preaching from the same hymn sheet.



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Quote of the Day

Charles Clarke says Cameron is the most successful PM for over a century…

“Under Margaret Thatcher the Conservatives gained 99 seats. They lost 211 under John Major, gained one under William Hague, quickly and wisely got rid of Ian Duncan-Smith, gained 32 under Michael Howard and have so far gained 133 under David Cameron who, to the great surprise of many (including senior Conservatives), has turned out to be the most electorally successful Tory leader since 1900.”

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