About the same time that Rupert Murdoch was telling shareholders that his beloved News Corp. had become the world's most valuable media conglomerate, the company's worth was in the midst of sinking by $1.53 billion.
But Friday's massive stock market sell-off didn't alter Murdoch's message. By the end of Friday trading, News Corp. sported a market capitalization of $67.79 billion, larger than Time Warner, the former biggest media company in the world.
Friday's stock market swoon, which sent the Dow Jones industrial average down nearly 377 points, or 2.6%, coincided with the 20th anniversary of Black Monday, when the Dow dropped 23% in a day.
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