Fitch: News Corp. unaffected

Fitch Ratings said that if News Corp.'s unsolicited $60-per-share bid for Dow Jones & Co. were approved, New Corp.'s ratings would likely not be negatively impacted and any Dow Jones senior unsecured debt assumed by News Corp. would likely be lowered to News Corp.'s BBB senior unsecured rating.

News Corp.'s (BBB/stable) bid for Dow Jones (BBB+/negative) represents a more than 50% premium to Dow Jones' recent share price.

The agency said News Corp. has retained a significant amount of flexibility and liquidity in recent year and this transaction, while material, would likely not have a negative impact on News Corp.'s ratings even if completely funded with debt. Pro forma gross leverage would be in the 3x, which Fitch said is comfortably within its expectations for a BBB diversified media company with News Corp.'s business risks.

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