The Rational Market

From the Financial Times:

Fox News Channel creator Roger Ailes renewed his contract with Rupert Murdoch's News Corp as a new US presidential administration brings a fresh opportunity for the cable news network to reclaim its heritage as America's alternative news source.

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"Roger has done a remarkable job building Fox News into a force in journalism and built a great asset for News Corporation," Mr Murdoch said in a statement.

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News Corp shares fell 11 per cent to $5.47 in New York yesterday.