News Corp. May Be Considering Bid for Texas Rangers

News Corp. (NWS) may bid for the bankrupt Texas Rangers baseball franchise, according to The New York Post. News Corp. is "leaning toward making an offer" at Wednesday's bankruptcy court auction, The Post said without naming its sources. News Corp. owned the Los Angeles Dodgers from 1998 until 2004.

It could take a bid of about $550 million to capture the Rangers. Still, News Corp. unit Fox Sports Southwest currently pays $35 million a year for TV rights to Rangers games, a figure that may rise. That means that the purchase could essentially pay for itself in little over a decade.

"It is kind of silly not to buy them," an anonymous source told The Post, which isowned by News Corp.