Clouds lifting over Murdoch, News Corp is out to buy again

News Corporation is starting to look like its old self again.

The media conglomerate, which had been on its heels for more than a year because of the phone hacking scandal in Britain, is looking to make acquisitions again. First on the list could be a 49% stake in the Yes Network in New York, a purchase that could aid in the formation of a new nationwide sports network to compete with ESPN.

News Corporation’s stock has reached highs as the company prepares to transfer its underperforming publishing assets, including newspapers like The Wall Street Journal and The New York Post, into a separate publicly traded entity.

One of the crucial factors in the decision was that the split would allow Rupert Murdoch, the company’s chairman and chief executive, to buy into the businesses he loves without upsetting investors who are more interested in cable and broadcast. Potential targets include The Los Angeles Times, The Chicago Tribune and more education companies.

“Rupert has his mojo back,” said Todd Juenger, a media analyst at Sanford C Bernstein. “The stock is up, investors are happy with the company’s recent decisions.”

“He is definitely rubbing his hands together,” a person with knowledge of News Corporation’s deal-making discussions said of Murdoch.

In the last several weeks, Murdoch has exuded a satisfaction and sure-footedness that people close to the company said they had not seen since before Murdoch’s British newspaper unit became embroiled in a phone hacking

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