The last of the old school moguls: Is Rupert on the way out?

June 12, 2015

The leaked announcement this week that Rupert Murdoch is to “relinquish” his 60-year reign at the top of the News Corporation mountain has been met with some skepticism by media insiders.

It seems that Rupert is to give up executive control of the Twenty-First Century Fox entity and hand it over to his son James.

Many, like Crikey correspondent, Stephen Mayne, feel that Murdoch’s move is a feint , which, in reality, will cement his family’s hold on the lucrative cross-media business. Mayne wrote that the Murdoch is the master of ruse when it comes to managing his family’s controlling interest in the News businesses.

…the Murdochs have made a career out of gaming media laws and bending regulators to extend their two-decade run as the world’s most powerful family.

Today’s leak to Fox News is just another step along the way in that journey for a family that is now worth about $15 billion, and carrying very little risk through either public or private debt.

Stephen Mayne, Crikey 12 June 2015

Writing on The Conversation, Brian McNair describes the succession leak as a “Game of Thrones” moment for News Corp.

And what of the future for news and journalism at News Corp? One imagines that if James and Lachlan do succeed their father, they would bring to the roles his personal commitment to investment in journalism, and a readiness to lose money in an activity with overreaching political value, here in Australia not least.

On the other hand, when Rupert does eventually depart for the great newsroom in the sky, will more mundane corporate realities come to the fore, spelling trouble for the loss-making Australian, The Times in the UK, and other outlets?

Brian McNair, The Conversation, 12 June 2015

To further complicate matters of ownership and financial regulation of News Corp, in 2013 the company was split into two wings; one—21st Century Fox—controlling film and television assets, mainly in the United States, the other—News Corp—a global network of newspapers and a publishing house (Rushe 2013). But in Australia, News Corp will hold both newspaper assets and Foxtel/Sky which is likely because of the huge losses suffered by the Australian newspaper, which could be as much as $33 million a year according to Murdoch watcher, Neil Chenoweth.
But maybe, just maybe Rupert’s time has come.
Take a look at this recent fairly bizarre tweet. We all make mistakes, but for someone who for 60 years has been a proud journalist (in his own mind at least), surely this is a gaffe too far.

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The view from Disneyland — you can see the Newscorpse bunkers from here

February 8, 2015

There have been two important speeches at the National Press Club in the past week or so. One of them got bucket loads of media coverage and has turned into a national story of gargantuan significance. EM covered it here.

The second NPC speech received some coverage, but there have been few ripples across the pond and the story has died. However, EM can’t let it go because it is a subject dear to our heart — Freedom of the Press.

Just two days after Two Punch delivered his wooden and self-wounding speech on Monday, perhaps fatally injuring his own prime ministership and his political party in the process, the chair of the Australian Press Council, Professor Julian Disney, gave an address to the gathered scribes and interested onlookers.

Disney’s speech won’t kill off the Press Council, but he is leaving soon anyway and his replacement has been announced, Professor David Weisbrot; so, in some ways, the address was a valedictory.

Disney also used the speech to make some thinly-veiled comments about the role of destabilisation and undermining of the Council’s authority by Rupert Murdoch’s NewsCorpse.

newscorpse log

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Rupert is safe from Australian regulators…for now

May 7, 2012
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Australian media regulators would take an active interest in attempts by News Limited to increase its stake in Foxtel.
AAP

Problems facing media moguls Rupert and James Murdoch in the United Kingdom and the United States have yet to have an impact in Australia.

But if recent speculation is true that News Limited might be a buyer for James Packer’s 25% Foxtel stake, Murdoch could find himself in a forest of acronyms as various regulatory agencies – the Australian Consumer and Competition commission (ACCC), the Australian Communications and Media Authority (ACMA) and the Foreign Investment Review Board (FIRB) – take an active interest.

The continuing storm over the handling of the UK phone hacking scandal has seen a British parliamentary committee find Murdoch senior is not a fit and proper person to run a multinational media company.

The phone-hacking and police bribery scandal has led to more than 40 arrests in Britain and to a Sky news reporter admitting to hacking emails in pursuit of a story.

These revelations have also led to low-level investigations of News operations in the United States. In July last year, the FBI was reportedly opening an investigation of allegations that News reporters may have hacked the phones of victims of the 9/11 terrorist attack in New York and Washington DC.

There is no recent information to confirm that any investigation is on-going in the US. However, American politicians – always on the look out for a media opportunity – have signaled they are taking a keen interest in the British parliamentary report and the Leveson inquiry. A Washington DC ethics lobby group has also written to the US Federal Communications Commission seeking an inquiry into Murdoch’s control of the Fox network.

Citizens for Responsibility and Ethics in Washington (CREW) want the FCC to revoke Foxtel’s broadcasting licences. A US senator has also written to the chair of the Leveson inquiry seeking any information that might suggest American laws have been broken by News journalists.

Even is there is no illegality, Murdoch does face some problems in the US. Under American law, the finding that he is not a fit and proper person to run a business in the UK can be used to trigger an inquiry in the USA.

These ongoing worries are more than an embarrassment to the octogenarian patriarch; they are a debilitating overhang that could ultimately affect the fate of News Corporation – the parent company that manages the family’s global media business interests, including News Limited in Australia and News International in the UK. For example, BSkyB shares took a hit on UK markets after the email hacking story came to light. Read the rest of this entry »


Michael Wolff on Rupert Murdoch

October 18, 2009

I always enjoy Michael Wolff in Vanity Fair; he has great access to important media people and Rupert Murdoch is no exception.

Wolff’s biography of Murdoch is also pretty good. In this piece he brings up-to-date the current Murdoch view about paywalls, etc and News Corp’s war with public broadcasters.
Michael Wolff on Rupert Murdoch Business: vanityfair.com

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