Rupert Murdoch's News Corp. Falls Most in Five Years on Foxtel Spending

Rupert Murdoch’s News Corp. fell the most in more than five years after the company said it will invest more in its Australian cable network. On an earnings call Thursday, Chief Financial Officer Susan Panuccio said there will be “some short-term reinvestment required” at the business, called Foxtel, to attract subscribers, as well as added costs associated with a new streaming service and cricket broadcast rights. News Corp. shares sank almost 11 percent to $13.63 in New York, their biggest drop since the company split from Murdoch’s 21st Century Fox Inc. in June 2013, after being down 5.9 percent this year through Thursday.