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."
You don't buy companies with cash, you use stock.
That way it's all just funny money.
This is exactly why News Corporation got the Liberal Party and Tony Abbott elected on the basis that they would kill the NBN because broadband is killing News Corporation and you need look no further than MySpace to see what kind of internet fuckups they are, bought for $580 million and sold for $35 million. With the 70% dominance in news and a months long propaganda campaign the got corrupt politicians elected who immediately set out to kill broadband in Australia and the news competition it provides. However that blatant propaganda killed the trust of Australian public for Newscorp and Fox not-News et al and they are losing market share all over the place.
Chaos - everything, everywhere, everywhen