Twenty-First Century Fox (FOX, FOXA) is in talks with Blackstone (NYSE:BX) to launch a bid for Tribune Media (NYSE:TRCO), according to reports.
Murdoch's interest in Tribune Media is partially meant to prevent Sinclair from buying the company and expanding its network of station, a move which would then give it significant leverage in carriage negotiations with Fox.
Private equity giant Blackstone would provide the cash while 21st Century Fox would chip in its local stations as part of the possible joint venture, according to the Financial Times and Bloomberg News. The prices of wholesale gasoline, heating oil and natural gas slipped as well.
The reports of Fox ramping up its efforts to win Tribune's assets arrive as Sinclair is reportedly only a week away from solidifying its bid for Tribune. Brent crude, used to price global oils, declined 50 cents, or 1 percent, to $51.54 a barrel in London. The Wall Street Journal says there is a Thursday deadline for bids on the company. In 2014, it spun off its newspaper holdings into a separate company.
Last week the Labor Department said the USA economy turned in its weakest performance in three years in the January-March quarter. High-dividend stocks including utilities, phone companies and household goods retailers traded lower. On Friday the agency will release its April jobs report.
CURRENCIES: The dollar rose to 111.64 yen from 111.44 yen. The yield on the 10-year Treasury note remained at 2.29 percent.
OVERSEAS: Many markets in Asia and Europe were closed for May Day.