News and Politics | February 06, 2009 | 30 comments

Rupert Murdoch's News Corp. reports $6.4 billion loss

Image
bansheewail
It seems that even Rupert Murdoch isn't immune to the downturn battering media companies.

The News Corp., the media empire controlled by Murdoch, said Thursday that it lost $6.4 billion in its second quarter as profit fell sharply at its television and movie units. The company also took a large write-down of $8.4 billion, about $3 billion of which reflected a decline in the value of the company's newspaper unit, which includes Dow Jones, the publisher of The Wall Street Journal. Many media analysts believed that News Corp. overpaid when it bought Dow Jones just over a year ago for about $5 billion, and the write-down indicates that it lost significant value.
  1. groups:
    News and Politics,   Politics
  2. tags:
    News and Politics Politics Economy US 5 more
  3.     
    |

30 comments // Rupert Murdoch's News Corp. reports $6.4 billion loss

  • jeffreyak
  • jeffreyak
  • Tayllerand
    • 0
      Tayllerand  
    • He is going to end up broke because people dont watch his corporate media crapola anymore, he wants to control information and backfire to his pocket , I think if he and the rest of the corporations dont get it people wont watch their bullshit anymore.

    • 3 years ago
  • kennymotown
  • blood77
  • Giganticus
    • 0
      Giganticus  
    • It just occurred to me to wonder what kind of right-wing spin FOX News would put on this story. "Liberal Media Bias Causes Epic Jobs Loss During Already Tough Times" Or some such rot. It's difficult to think like a conservative oriented mind even when I try.

    • 3 years ago
  • merasyad
  • ruberube
    • 0
      ruberube  
    • Irony- Merdoch uses his "henchmen news company" to push neoconservative idealology...

      "Now you know the rest of the story".

    • 3 years ago
  • conservativelyliberal
    • 0
      conservativelyliberal  
    • Serves you right Merdoch!?! Stop trying to brain wash people by telling them that you have changed because you are with a woman your own age now .... DOSENT CHANGE ANYTHING!!

    • 3 years ago
  • VegaNerDiva
    • 0
      VegaNerDiva  
    • DDHBOY

      With Ted Turner's stance against Nukes,
      + him having a soul, being a philanthropist, & all
      he is doing for the Environment
      how could you even compare Turner to gossip loving
      Motherfucking Murdoch?

      Look where you are here on Current this is an excellent
      example of what the news can & should be, so if elderly
      ass News Corp. can't modernize and get with the program
      it's their own fault for listeing to crusty Murdoch.

      They probably just bought Myspace to look like dey
      knew what they were doing, clearly they have nawt a clue.

      I can't feel sowwie for people loosing a job when I'm
      an American Indian on food stamps myself, at least they had the luxury of being employe in the 1st place.

    • 3 years ago
  • ddhboy
    • 0
      ddhboy  
    • Hey guys, I'm not a fan of newscorp either but these are people's livelihood we're talking about.

      News has always been, and will always be a profit drain, in that you'll be hard pressed to make any real money doing the news, so most media companies write it off as either a public service, or they glamorize it and throw around as much buzz words and fancy graphics so that the advertising costs rise (Turner's CNN for example).

      Rupert is a man who is essentially all about the news, which is why Newscorp's major holdings is in the news industry. Yes they have Fox, FX and 20th Century Fox, but Newscorp has never really used those assets to their full potential and views them more as hobbies, which must upset stock holders severely.

      That said, if Newscorp buys a few newspapers so that they have an alternative to shutting down and all the reporters loosing their jobs, then good for newscorp. I'm certainly not in the place to bitch and moan about the inner workings of a company I'm only vaguely familiar with and their apparent association with being "evil"

    • 3 years ago
  • jogglef
  • Castaway
  • VegaNerDiva
  • justright
  • DreSandoval
  • lenhart
    • 0
      lenhart  
    • " It's drying up - now if it would just blow away! "

      Just keep up the BOYCOTT! Don't watch the bastards and make a point of NOT patronizing any FOX advertiser.

    • 3 years ago
  • NoGodsNoMasters
  • Giganticus
  • op_of_faith
    • 0
      op_of_faith  
    • The write down isn't enough...this idiot needs his life destroyed for what he has done to the world. I'll only be happy when he is poor, destitute and has nothing...

    • 3 years ago
  • noxidereus
  • captain_insano
  • banditalamode
  • torybart
  • banditalamode
    • 0
      banditalamode  
    • banditalamode:

      I meant the old systems as a whole are seemingly beginning to phase out... from automotive industries to media conglomerates to politics. Baby steps for sure but its there...

      I see what your saying though, guess I worded that wrong.

    • 3 years ago
  • artemis6
  • lenhart
    • 0
      lenhart  
    • Murdoch was certainly the archetype upon which was created the character of Eliot Carver in the bond film 'Tomorrow Never Dies'.

      The movie is about how James Bond stopped a MEDIA MOGUL from engineering world events by staging a 'false flag operation' and starting World War III.The 'Carver' character even quoted Hearst: "You give me the pictures and I will give you the war!"

      Murdoch's investment in both Bush wars against Iraq have apparently NOT paid off.

      One is tempted to fantasize --what if Fox fell into receivership or was taken over in a proxy battle?

      Guess whose sorry ass I would fire first!

      I've been urging a boycott of Fox and its sponsors for years. Wish I could take some credit. Alas --one does what one can.

    • 3 years ago
  • navider
  • Mark701
  • bansheewail
more from News and Politics:

top videos