This should be very interesting. They will appear ahead of Rebekah Brooks.
The chattering classes will be ordering in industrial quantities of popcorn…
Today is the last trading day of the year on the New York Stock Exchange, barring any dramatic surprises shares in Rupert Murdoch’s News Corporation will end the day near the year’s highs. If you are lucky enough to own NewsCorp shares you will have benefited from a rise in value of over 10% this year, well outperforming a stockmarket that has flatlined.
Not that you would realise it if you only listened to the BBC or read the New York Times and The Guardian. The latter in particular always slants financial stories about NewsCorp as if there was widespread shareholder unrest with the Murdochs. Story after story on the media and finance pages of The Guardian quotes shareholders and financial advisers with doom laden sentiments about the Murdochs. Most of those quoted turn out to be activists with political rather than financial priorities…
The fact is that Rupert Murdoch owns the number one daily newspaper in America, The Wall Street Journal. NewsCorp also owns the number one news channel, the incredibly successful and profitable Fox Network. Sky franchises in the UK, Italy, Germany and Star TV in Asia are the pay-TV leaders generating phenomenal subscription revenues. Murdoch also owns the content via television production companies and movie studios. This year Super Bowl on FOX was the most watched TV show in America ever. Even after selling MySpace at a loss, he has dared to launch a new online-only news business, The Daily. Hit movies like Avatar and Black Swan generate colossal ticket sales, American Idol still brings in the ratings, globally Murdoch owned newspapers are still a cash-cow despite him closing the News of the World. In 2011 revenue rose to $33.4 billion, while adjusted operating income increased 12% to $4.98 billion. Cashflow which the owners of the loss making New York Times and Guardian can only dream…
Guardian Media Group is losing a £1 million a week, Mirror Group shares have halved in value this year and the firm has introduced a pay freeze for all workers. Based on the NewsCorp share price alone, the Murdochs finish the year a few billion richer than they started it. Despite what you may read in The Guardian or hear on the BBC, the Murdochs are very far from being against the wall and the left hates that.
No one ever got rich betting against Rupert Murdoch….
The News Corp CEO Rupert Murdoch was up for re-election by shareholders last week. Tom Watson MP led a campaign, backed by commercial rivals The Guardian, to unseat him from the board. Tom travelled to Los Angeles (courtesy of union subs) to vote union pension fund proxy votes. Watson’s attempt failed with Rupert Murdoch getting 86% of the shareholder vote, which compares favourably to Watson’s mere 46% of the vote in his West Bromwich East constituency at his re-election (his share of the vote sank 9.2% at the general election). To add insult to injury, News Corp shares have rocketed up 16% this month alone. Hold on to those shares comrades, no one went poor betting on Murdoch…
My one night off in LA is officially dedicated to Morrison and Lebowski. #tequila+venicebeach (should be white Russian)
— tom_watson (@tom_watson) October 22, 2011
@tom_watson is the coolest, funniest, nicest MP i've ever sung "come on eileen" with. by a wide margin
— Brian & Maria (@brian_and_maria) October 22, 2011
Never mind, in consolation he got a night out partying on tequila and singing “Come on Eileen” in La La Land…
Murdoch has been given the green light from the Culture Secretary to take over the rest of BSkyB. It came at a price though. Sort of:
“The undertakings offered would ensure that shareholdings in Sky News would remain unchanged, and indeed offer it more independence from News Corporation than it currently has.”
That same line worked during the takeover of the Times didn’t it? Murdoch only sits in on editorial meetings occasionally. Funding is secured for the loss-making channel and it will have its own board, but not everyone is convinced it will be enough. Brillo isn’t holding any punches this morning and just told Today:
“When it comes to deals, Murdoch is an Italian – The real negotiations begin once you have signed the deal. He will get his way in the end.”
Let the games begin…
As the Downing Street machine spends the week rescuing the Big Society, The Sun have given Bob Roberts and Tom Baldwin an opening to whack Dave from the right.
After two years of slagging off Murdoch’s papers, it seems Labour have remembered that people actually read them. In a piece purporting to be by Ed Miliband on crime, broken Britain is being wrestled from under the government’s nose. Never would have happened under Coulson…
Well not quite, but to a ranch in Texas in fact. Guido learns that Murdoch has secured the serialisation of George W. Bush’s long awaited “I was right all along and screw you all” book and The Times editor James Harding is flying out next week for cigars and non-alcoholic beer on the ranch. Shame no one will get to read the pay-walled interview though, just this week Harding was moaning it was a “tricky business”.
Reeves Red-Faced After Pension Gaffe | Sun
Band’s Fury at Song Being Used at Labour Conference | Buzzfeed
Rachel Reeves’ Pension Howler | Mail
UKIP Propose 90% Cut in Overseas Aid | Breitbart
Ed Milibaaaand | Sun
Ed Miliband Phrase Generator | Guardian
Blair Right About ISIS | Jago Pearson
Miliband Will Be Prime Minister By Default | Alex Wickham
Labout Have Learned Nothing | Jeremy Warner
How Cameron Can Return to No. 10 | Telegraph
Balls Speech Was Mush | FT
Before Miliband spoke, a school choir sang ‘Fix You’ by Coldplay. The first verse of which goes like this:
“When you try your best, but you don’t succeed
When you get what you want, but not what you need
When you feel so tired, but you can’t sleep
Stuck in reverse”