Newspaper wrap-up 5-10-07: Murdoch began talks with DJ on March 29

MAJOR PAPERS:

The Wall Street Journal (subscription required) reported that it was March 29, not the week of April 9 that News Corporation's (NYSE: NWS) Rupert Murdoch began talks with Dow Jones and Company Inc (NYSE: DJ), as securities regulators sort out the timing of events as insider trading allegations have surfaced in connection with News Corp.'s $5B offer for Dow Jones.

Also in News Corp news, the Wall Street Journal's "Heard on the Street" said that with the attention focused on News Corp.'s $5B bid for Dow Jones, the Reuters Group plc (NASDAQ: RTRSY) and The Thomson Corporation (NYSE: TOC) $17.6B merger deal could also affect Dow Jones.

According to people familiar with the matter, the SEC is investigating claims made by Fairfax Financial Holdings Limited (NYSE: FFH) against a group of hedge funds, the Financial Times (subscription required) reported.

OTHER PAPERS:

Clear Channel Communications Inc's (NYSE: CCU) shares have risen, Barron's Online notes, to near $38 on talk that Fidelity Investments will reverse its stance and back a buyout led by Thomas H. Lee and Bain Capital.

WEBSITES:

Globe and Mail reported that Russian billionaire and automotive entrepreneur Oleg Deripaska's companies are going to buy 20 million shares of Canadian auto parts company Magna International Inc (NYSE: MGA) for $1.54B.

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