Rupert Murdoch Aims to Bring the Sun to Sunday

Rupert Murdoch, CEO of News Corp (NASDAQ:NWS)(NASDAQ:NWSA), has reportedly informed staff at his U.K. based Sun tabloid paper that he is planning a Sunday issue of the newspaper.

Further, in a possible attempt to mollify disgruntled employees, Murdoch wrote in a memo that ten Sun journalists, suspended in the bribery scandal, would be allowed to rejoin duties until such time they are not criminally charged. Sun employees have not taken kindly to the actions taken by the Management and Standards Committee, which allegedly handed information to the police in the phone-hacking and bribery scandals. The scandal also led to the arrest of some Sun reporters.

The Sunday version of the Sun paper could stand in for the now closed News of the World Sunday tabloid.

Here’s how shares of News Corp are reacting to the news:

News Corp. (NASDAQ:NWSA): NWSA shares recently traded at $19.04, up $0.03, or 0.16%. They have traded in a 52-week range of $13.38 to $19.79. Volume today was 3,662,173 shares versus a 3-month average volume of 16,886,200 shares. The company’s trailing P/E is 15.93, while trailing earnings are $1.20 per share.

To contact the reporter on this story: Alex Capel at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com