News Corp's discussions were at a very early stage and there was no guarantee it would come forward with a bid although it was interesting that the New York-based media group would even be looking at the opportunity at a time when many people connected with F1 believe it will come up for sale in the next year or so. It is also believed that News Corp is unluikely to make a solo bid, which would explain those conversations with Carlos Slim.
In any case, if the Murdoch company did not offer to buy F1 franchise outright, it could well go for just the broadcast rights, in itself probably the more lucrative part of a deal. Wall Street bank JP Morgan is advising the group on the situation.
News Corp is currently in the process of trying to secure approval to buy the shares in Sky News owner BSkyB that it does not already own.