Insights

News Corp (ASX:NWS) share price slides amid FOX Bet rumours

The media giant is not having the best day on the ASX after rumours circulated it’s looking to enter the betting industry.
The post News Corp (ASX:NWS) share price slides amid FOX Bet rumours appeared first on The Motley Fool Australia. –

The News Corporation (ASX: NWS) share price is falling lower during Monday’s session. At the time of writing, shares in the media giant are trading for $32.99 – down 2.4%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is currently sitting 0.23% higher.

News Corp comes into focus as the Sydney Morning Herald (SMH) reports the company is in talks to launch a new bet making service in Australia.

Let’s take a closer look at today’s report.

Some investors aren’t betting

Investors are driving the News Corp share price lower after SMH reported the company is in talks with a consortium backed by BetMakers Technology Group Ltd (ASX: BET) major shareholder Matthew Tripp to launch FOX Bet in Australia. The betting division would be run by News Corp.

While Mr Tripp is tied to the proposal via the partnering consortium, according to SMH, BetMakers may also be involved by providing “the back-end systems” necessary for the FOX Bet launch in Australia.

Today’s news comes on the back of BetMakers’ $4 billion bid to acquire the wagering and media arm of Tabcorp Holdings Limited (ASX: TAH). According to today’s SMH report, if BetMakers’ bid for the Tabcorp division is successful, the former would takeover FOX Bet from News Corp after it is launched, and then run both betting companies as separate brands within the group.

When BetMakers announced its bid for Tabcorp, its share price sank. Judging by today’s News Corp share price falls, it looks like a similar story is playing out today. It seems many investors are not willing to take a punt on these latest moves in the gaming industry.

BetMakers, which is at this stage only speculatively involved in the rumours, is seeing its share price collapse today. The online bet maker’s shares are currently down a staggering 16.42% to $1.12. The Tabcorp share price is down a comparatively minor 0.68% to $5.135.

News Corp declined to comment when approached by SMH.

News Corp share price snapshot

Over the past 12 months, the News Corp share price has increased by around 84%. In the last 6 months alone, the company’s value has increased by around 37%. News Corp shares are only slightly off their all-time high of $34.33.

Given its current valuation, News Corp has a market capitalisation of $1.22 billion.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Why BetMakers, CSR, EOS, & Fisher & Paykel Healthcare are tumbling

Why Inghams, Latitude, Rio Tinto, & Tabcorp shares are charging higher

ASX 200 up 1.1%: Tabcorp receives $4bn offer, KKR wants Link’s PEXA business

BetMakers (ASX:BET) share price sinks on Tabcorp takeover proposal
Here’s why the Betmakers (ASX:BET) share price just hit a 52-week high

The post News Corp (ASX:NWS) share price slides amid FOX Bet rumours appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!