THE escalating phone-hacking crisis engulfing Rupert Murdoch's News Corporation slashed more than $2.2 billion from the company's market value yesterday as investors confronted the threat of action by British and US regulators.
Mr Murdoch flew into London on Sunday to take charge of efforts to contain damage from a scandal that has resulted in the closure of tabloid News of the World and derailed his takeover bid for broadcaster BSkyB.
Non-voting shares in News Corp fell 88¢, or 5.4 per cent, yesterday to close at $15.37 while the voting stock fell 85¢, or 5 per cent, to close at $15.92.
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