Slashdot Mirror
News Corp Australia Doesn't Want You To Look Closely At Their Financials
Presto Vivace writes with news of an embarrassing discovery for Rupert Murdoch's News Corp about the company's financial state, which might draw less attention if News Corp hadn't tried to prevent people from using the information: "The existential crisis that has gripped Rupert Murdoch's Australian arm began with a rude discovery just after 2pm on Wednesday afternoon. The Crikey news website had stumbled across some of News Corp's most intimate lingerie, and had just put it all up on the the net. ... The 276-page document is called the Blue Book, a weekly and year-to-date rundown of results at June 30, 2013 for every News Corp business in the country. ... The great newspaper engine which was Rupert Murdoch's original springboard to take over the world was already under stress. In 2013, 70 per cent of its earnings disappeared, leaving operating income precariously balanced at $87.6 million. As Crikey pointed out, trying hard not to gloat, another year even half as bad as 2013 could put News Australia into the red." Crikey took the documents off line after legal threats, but it seems not before business reporters all over the world had a chance to download them."
"Don't look at my financials... nothing to see here!!!! seriously go away!"
It's hardly surprising for a company to hold its financial results close to its chest, but this is made more delicious given how much time they spend pointing out the downsizing of rival Fairfax Media.
Fairfax papers, especially, have suffered from the internet while News Corp has soldiered on, but it was only a matter of time. Being more left-wing, Fairfax's demographic is younger and more inclined to embrace new technology. As they age, and likely become more conservative, they will still consume news online rather than return to dead tree papers.
You don't buy companies with cash, you use stock.
That way it's all just funny money.
It's not nothing. It's a glimmer of hope for us here in Australia, that that piece of shit Murdoch could eventually lose his near monopoly in Australian newspapers - and, therefore, a significant part of his ability to manipulate the government. And not before time.
People who are angry live shorter lives. This with clean consciouses live longer.
If he is a sociopath, he does have a clean conscience.
It's not nothing. It's a glimmer of hope for us here in Australia, that that piece of shit Murdoch could eventually lose his near monopoly in Australian newspapers - and, therefore, a significant part of his ability to manipulate the government. And not before time.
With our luck, he'd probably sell the papers to Gina Rinehart. :-(
News Ltd owns the only national daily paper, as well as the only daily paper in four state capitals, one territory capital, and a number of large regional centres - of the capitals, only Melbourne, Sydney, and Canberra have competing daily papers. Admittedly, that covers nearly half the population - but that leaves a massive proportion of Australia dominated by Murdoch.
Journos that would hack the voicemail of a child murder victim.
This perpetual motion machine Lisa made is a joke, it just keeps getting faster and faster. - Homer