July 19 (Bloomberg) -- News Corp. hired two public-relations advisers to assist the company during its phone-hacking scandal.
Sard Verbinnen & Co. in New York and Glover Park Group in Washington will work with the company’s communications, investor relations and government teams, Julie Henderson, a News Corp. spokeswoman, said today in an interview.
News Corp. is seeking to reverse a stock price decline that, as of yesterday, had shaved $8 billion off the value of the company since July 1, a drop of 17 percent, and cost the Murdoch family almost $1 billion. The shares will remain under pressure for the next few months, Doug Creutz, an analyst at Cowen & Co., said in a July 13 report.
Glover Park, a Washington-based communications company that helped News Corp.’s Fox negotiate retransmission fees from pay-TV operators, will assist the company’s government-relations team with policy issues, Henderson said.
Sard Verbinnen is an investor relations and crisis communications firm founded by George Sard and Paul Verbinnen.
The companies will communicate with investors and policy makers as News Corp. tries to contain fallout from the July 4 revelation that the company’s now-closed News of World newspaper in the U.K. hacked into the phone of a murdered schoolgirl.
Rubenstein Communications Inc., led by Steven Rubenstein, will continue to be a strategic adviser to News Corp. and Chief Executive Officer Rupert Murdoch, and his son James, both in the U.K. and the U.S., Henderson said.
News Corp., which is scheduled to announce fourth-quarter results on Aug. 10, rose 83 cents, or 5.5 percent, to $15.79 at 5:20 p.m. New York time in Nasdaq Stock Market trading. The stock has climbed 8.4 percent this year.
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