Rupert Mudoch’s News Corp. has been bleeding badly financially. They have lost 49% of their stock value in the past 52 weeks. And acquiring the Wall Street Journal for $5 billion just as the newspaper business was collapsing couldn’t have helped matters.
Now News Corp. is reporting that they are unloading the Weekly Standard, the uber-rightist magazine founded by neo-icon, William Kristal. No reason or sale price was given in the announcement, but it is fairly evident that Murdoch needs to raise some cash and cut costs to service his massive debt.
The buyer is Clarity Media Group, a part of Phillip Anschutz’s billion dollar media and entertainment conglomerate. Clarity is the publisher of the Washington Examiner, a conservative freebie tabloid in D.C.
Don’t expect much to change at the Standard. Kristal will likely stay aboard, along with executive editor Fred Barnes. Both will also remain Fox News contributors. If anything, the magazine may begin to feature more stories dealing with Anschutz’s obsession for Dark Ages Christian Fundamentalism. He is a major backer of the Discovery Institute, a creationist think tank. He also finances anti-gay and pro-censorship organizations and initiatives.
In other words…more of the same.