/>
X

Murdoch's billion dollar peace with WorldCom

The cost of getting rid of ASkyB headache
zd-defaultauthor-tony-hallett.jpg
Written by Tony Hallett on

The cost of getting rid of ASkyB headache

Rupert Murdoch's News Corp has settled a long running dispute by giving $930m to WorldCom.

The payment marks the final chapter in News Corp's 1995 venture with telco and eventual WorldCom acquisition MCI to build a US satellite TV business called ASkyB.

Shortly after the joint venture began MCI started to get cold feet, and when it reduced its stake News Corp sought another partner. However, a deal with EchoStar Communications also turned acrimonious and Murdoch's goal of a pan-American satellite business remains unrealised.

WorldCom will receive $680m in News Corp stock and a further $250m in cash. The company is likely to use the funds to reduce debt.

Related

Are you ready for the worst Economy Class airline seats in the world?
airline-seats.jpg

Are you ready for the worst Economy Class airline seats in the world?

Business
This stuff is better than compressed air for cleaning your dirty tech
img-6864

This stuff is better than compressed air for cleaning your dirty tech

Office Hardware & Appliances
Google looks to reduce pushback bias in developers' software code review
close up programmer man hand typing on keyboard at computer desktop for input coding language to software for fix bug and defect of system in operation room , technology concept

Google looks to reduce pushback bias in developers' software code review

Developer