Rupert Murdoch is bullish about the future of News Corporation. Less than two weeks after launching The Daily, his much-hyped iPad “newspaper,” the octogenarian mogul bought 1.2 million shares of News Corp. common stock this week, according to a filing with the Securities and Exchange Commission by the company late Thursday.
Murdoch, the company’s chief executive, bought the class A, nonvoting shares at $16.81 apiece – for a total of about $20.2 million -- on Feb. 8.
News Corp. spokeswoman Teri Everett told the Murdoch-owned Wall Street Journal that Murdoch’s share acquisition is "a sign of his belief in the future of the company.
It's the first time Murdoch has bought News Corp. shares in more than four years. In August 2006 he acquired 100 shares, according to Dow Jones.