[spoonman]

Rupert Murdoch gives up his bonus as News Corp loses US$1bn in three months

Huge losses driven partly by fall in valuation of Australian pay TV service Foxtel and decline in news advertising revenue

News Corp said the mammoth loss was primarily driven by the company’s decision to slash the valuation of its troubled Australian subscription TV business, Foxtel, which has been struggling to compete against streaming services, and reclassify its US coupon business News America Marketing as an asset held for sale. (The business was sold earlier this week, after the end of the quarter.)

However, revenue also fell 8% compared with the same period last year, to US$2.27bn, due to falls in news advertising revenue, lower subscription revenue from Foxtel and the weak Australian dollar.

Thomson said the results “demonstrate the strength of News Corp and the power of our premium content”.

He said the company had US$1.4bn in “cash and cash equivalents” on hand and the ability to borrow an additional US$750m.

https://www.theguardian.com/media/2020/ ... ree-months




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[youngian]

The Rise of the Murdoch dynasty is well worth a look even if seasoned Rupert watchers like us won't learn much new. The second episode 'the Rebel Alliance' is a joy to watch especially how amateurish the Murdochs looked (and dull and banal) outside of their wheelhouse when the phone hacking shit hit in the fan. The dishevelled Rupert wasn't just an act. This was a man who chose his battles to win throughout his life and suddenly gets a kicking out of the blue in his 80s. Main criticism of the first episode is there was no counter argument to the narrative failed politicians and News Corps employee like to feed that Murdoch is a king maker. More likely he's a man who always bets on the winner and grooms them that it woz the Sun wot won it. Don't forget the Sun initially tried all the usual guff about Labour leaders on Blair and it didn't chime with readers. I didn't realise the extent that Max Mosley was underwriting libel and privacy cases which was around £3m. Mosley movingly described it as money he was leaving for his late son whose death he sees as more Murdoch collateral damage. Max is an unlikely national hero but he isn't going to stop making Murdoch's life a misery until his dying breath.
https://www.bbc.co.uk/iplayer/episodes/ ... ch-dynasty

[Samanfur]

Breaking:

Rupert Murdoch's son James quits News Corporation

Rupert Murdoch's son James resigns from the board of News Corporation, citing "disagreements over editorial content".