Last night at the "All Things D" conference sponsored by the Wall Street Journal, Rupert Murdoch told attendees that Democrat Barack Obama will win the presidential election by capturing the key swing state Ohio and that activist shareholder Carl Icahn will lose his proxy fight to take over Yahoo. He also said the US economy face tough times for the next 18 months.
Details after the jump.
"He is a rock star. It's fantastic," Murdoch said of Obama. He added that he was responsible for the New York Post's endorsement of Obama in the New York primary. Murdoch had been a supporter of Obama rival Hillary Clinton in her Senator races.
But Murdoch was less enthusiastic about Icahn's chances to win the proxy fight for Yahoo. "Icahn? That's not serious. It's just a lot of helpful noise. If I were a director of Yahoo I wouldn't be worried," Murdoch said.
It won't be a total loss for Icahn however, in Murdoch's view. He predicted that the position in Yahoo would make Icahn "a few hundred million dollars."
But the media titan was at his most downbeat when he discussed the economy. He told the conference that "for the next 18 months, I think this country is in for a very hard time," and that America's woes are spreading to Europe.
Rupert Murdoch Says Obama Will Win [Huffington Post]
Murdoch: U.S. Economy "In For A Very Hard Time" [Alley Insider]
Murdoch Predicts Icahn Fight For Yahoo Will Fail [Dow Jones Newswire]
Posted by guest , May 29, 2008 1:17PM
God help this country if Obama becomes its next president. Just what we need a democrat to tax the crap out of the middleclass and make more regulations
Posted by guest , May 29, 2008 1:19PM
Murdoch (owner of fox news) predicts Obama is going to win? Are we in the twilight zone?
Posted by Anal_yst , May 29, 2008 1:30PM
Since when is "making a few hundred million dollars" considered losing? If I missed the memo, please, sign me up stat
Posted by guest , May 29, 2008 1:45PM
Lost opportunity? Few hundred million dollars (assuming about 1 year hold) is a paltry return.
Posted by guest , May 29, 2008 1:46PM
Part of obama's Memorial-Day speech went something like this, "We are gathered to honor our fallen heroes; some are here with us today".
obama = empty suit = manchurian candidate.
Posted by big r , May 29, 2008 1:47PM
karl rove, please tell me what to do
http://online.wsj.com/article/SB121201747075327643.html?mod=todays_us_opinion
Posted by MGR , May 29, 2008 1:54PM
@1:46 I couldn't agree with you more. Obama is a great speaker, but what has he done? This election is really about chosing the best of the worst.
Posted by guest , May 29, 2008 1:54PM
But what does Tim Sykes say? Timmay, who are you voting for?
Posted by Anal_yst , May 29, 2008 1:56PM
Guy only bought a few million shares, (was it 3mm if I remember correctly?) and options on 50m+ more. Couldn't have invested more than a few hundred million, billion, tops, if he makes a few hundred million in a year hold, he aint exactly "losing' in the traditional sense of the word, except maybe for his ego
Posted by guest , May 29, 2008 1:58PM
Me thinks Rupert no likey Icahn, wonder why?
Posted by guest , May 29, 2008 2:01PM
Icahn- Doesn't like Obama, did the Yahoo deal
Rupert- Likes Obama, doesn't care for Yahoo deal
Posted by guest , May 29, 2008 2:06PM
I think the mistake everyone makes is the assumption that Rupert Murdoch is a conservative, but in fact he's just an opportunist. When he and Roger Ailes launched Fox News in the early 90s, they had the foresight to realize that the Conservatives were on the rise and rode its coat tails to success. Now as Conservatism is declared bankrupt by one of its leading modern architects, Newt Gingrich, Murdoch sees the writing on the wall and is jumping on the Neo Progressive movement exemplified by Obama. Heck, I wouldn't be surprised if he launched a new Progressive news channel with some sort of motto a "new Fox News for the New America."
Posted by guest , May 29, 2008 2:17PM
Anal-yst,
He bought 9.9MM shares outright, in addition: 49MM American calls and 49MM Euro-style puts. Puts his investment at around $500MM in cash. He only stands to "make a few hundred million", if YHOO hits a homerun within about 2 1/2 years - or sells for above $30 a share within that time.
Posted by Anal_yst , May 29, 2008 2:22PM
gracias, went looking for the filing but got sidetracked. Personally I don't really get the move, unless its just a strong-arm play (ego much?). Guess he thought he could throw his weight behind it to seal a deal and walk away with some quick, easy $$
Posted by guest , May 29, 2008 2:25PM
Precisely. It's old school corporate raider BS. Excerpting massive control without having taking much risk. Shrewd but opportunistic and really not in the true shareholders interest. He is in it for the quick $$$.
Posted by guest , May 29, 2008 2:31PM
Karl Rove's comments sound much better in the original German.
Posted by Random Banker , May 29, 2008 2:37PM
As I said the other day Icahn is Ivan Boesky with better lawyers.
Anyway, if Rup really wanted Obama to win he'd have Ailes call the dogs off over at Fix Noise.
Posted by guest , May 29, 2008 2:42PM
Rupes is concerned about the return of the "Fairness Doctrine".
He's buying a ticket on the late train, that's all.
Posted by guest , Oct 01, 2008 4:35AM
The payday loan industry is in danger because there are politicians who wish to wipe out the entire industry. But that is not what is best for the people. For instance, in Georgia, the bankruptcy filings, bounced checks and foreclosures all skyrocketed after the cash advance product was done away with. With no disregard for these negative statistics, following the closure of payday loans in these states, several other governors continue to try and follow suit. Top national politicians are now stepping out in hopes of wiping the industry completely off the map. Should such politicians succeed, there is a big possibility that there will be increased unemployment rates, more debt, more foreclosures and an even more damaged economy.
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Posted by guest , Oct 02, 2008 7:12AM
The payday loan industry has been the prime target for corrupt politicians, from all sides, seeking an increase in voter support at the expense of what’s best for their citizens. Governors of several states including, Georgia, North Carolina, and Oregon completely drove payday loan companies out of their states. The negative effects of driving out payday loan companies from these states, appears to have not been what was best for its’ citizens. For instance, in Georgia, the bankruptcy filings, bounced checks and foreclosures all skyrocketed after the cash advance product was done away with. In spite of these negative statistics, following the closure of payday loans in these states, several other governors continue to try and follow suit. Top national politicians, such as presidential hopeful Barack Obama, are now stepping into the arena in hopes of wiping the industry completely off the map. Should such efforts deem successful, the possibility is very real for increased unemployment rates, more debt, more foreclosures and an even more crippled economy.
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Posted by guest , Jan 06, 2009 11:56AM
Interesting to see that his two big predictions were right. Who would have thought
Kwame W
Posted by guest , Jan 06, 2009 11:56AM
Interesting to see that his two big predictions were right. Who would have thought
Kwame W