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Fitch: News Corp. unchanged
Fitch Ratings said it said its BBB+ ratings and stable outlook on News Corp. are unaffected by the company's proposal to purchase the 61% of British Sky Broadcasting Group plc that it does not already own for about $11 billion to $12 billion.
Fitch said it views the potential acquisition of BSkyB favorably and more beneficial to the company's credit profile than other likely means of allocating its significant cash balance, i.e. share buybacks and high valuation multiple digital acquisitions.
In Fitch's view, there is adequate capacity in News Corp.'s capital structure to absorb the transaction as proposed.
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