Big Fox shareholder urges Rupert Murdoch to overlook his self interest and consider Comcast cash deal
May 25, 2018
The Philadelphia Inquirer
Types : In the News
Warning of conflicts of interest within the Murdoch family, a U.K. hedge fund with $5.3 billion in 21st Century Fox stock told 87-year-old Rupert Murdoch to disregard huge personal tax issues in the sale of Fox assets and consider Comcast Corp.’s potential cash offer.
New Jersey, California, and other many other states would also tax the gains in a cash deal, said Gary Edelson, the head of the tax department at the Philadelphia law firm Montgomery McCracken. Shareholders who have owned Fox shares for a long time and bought them over a long time at a low price would make the most profits and face the biggest potential tax hit, he said.
“There could be many that would prefer a tax-free reorganization as opposed to a cash deal,” Edelson said Friday.
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