{"id":1124,"date":"2008-11-06T15:43:39","date_gmt":"2008-11-06T23:43:39","guid":{"rendered":"http:\/\/www.newscorpse.com\/ncWP\/?p=1124"},"modified":"2008-12-02T02:13:17","modified_gmt":"2008-12-02T10:13:17","slug":"news-corp-suffers-30-decline-in-income","status":"publish","type":"post","link":"https:\/\/www.newscorpse.com\/ncWP\/?p=1124","title":{"rendered":"News Corp Suffers 30% Decline In Income"},"content":{"rendered":"

In its quarterly earnings report released yesterday<\/a>, Rupert Murdoch’s News Corporation reported a net income decline of 30 percent:<\/p>\n

“Fiscal 2009 profit will drop in the ‘low to mid teens’<\/em> in percentage terms, New York-based News Corp. said on a conference call yesterday after U.S. markets closed, citing falling advertising sales and the stronger dollar. The company previously forecast a gain of 4 percent to 6 percent.”<\/span><\/p><\/blockquote>\n

This drop needs to viewed in the context of a broader Wall Street sell off. However, News Corp, parent of Fox News, is significantly under-performing the stock market indexes. For the past 52 weeks, News Corps’ stock price is down 63 percent, while the Dow Jones Industrial Average is off only 36 percent. [Ironic Note: Dow Jones is also owned by News Corp]<\/em><\/p>\n

News Corp is also under-performing its competitors. CNN parent Time Warner is down 48 percent and NBC\/MSNBC parent General Electric is off 54 percent. The fact that News Corp is faring so much worse than its nemesis GE must be gnawing away at folks like Bill O’Reilly, who frequently cites GE’s stock woes as evidence that NBC\/MSNBC is evil and unpopular. Now that Keith Olberman and Rachel Maddow have lifted MSNBC’s ratings<\/a> above his own, will O’Reilly now concede that Fox News is even more evil and less popular?<\/p>\n

In the conference call for the earnings release, Murdoch indicated that…<\/p>\n

“The revised guidance is a clear reflection of the fiscal environment. We expect that to continue through fiscal 2009.”<\/span><\/p><\/blockquote>\n

Even though Murdoch had previously predicted<\/a> a prolonged downturn, he is still managing to blame it on Barack Obama. A few days ago<\/a> he said that Obama’s policies were “crazy”<\/em> and would be “a real setback.”<\/em> Since he is on record as far back as May 2008, with his view that we are in for 18 difficult months, it’s hard to figure how he lays these hardships on Obama who won’t even take office until next January.<\/p>\n

In addition to the bad earnings news, Murdoch announced that there will be severe job cuts at News Corp. These cuts will occur even as new multimillion dollar contracts<\/a> have been given to O’Reilly, Sean Hannity, and Glenn Beck. At least some of Murdoch’s employees will have a little job security. However, none of them will have a holiday party<\/a> this December as financial constraints have resulted in the party’s cancellation.<\/p>\n

Season’s Greetings Rupert, et al.<\/p>\n","protected":false},"excerpt":{"rendered":"

In its quarterly earnings report released yesterday, Rupert Murdoch’s News Corporation reported a net income decline of 30 percent: “Fiscal 2009 profit will drop in the ‘low to mid teens’ in percentage terms, New York-based News Corp. said on a conference call yesterday after U.S. markets closed, citing falling advertising sales and the stronger dollar. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[26,33,32,30],"class_list":["post-1124","post","type-post","status-publish","format-standard","hentry","category-general","tag-bill-oreilly","tag-fox-news","tag-news-corp","tag-rupert-murdoch"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4Ijg-i8","jetpack-related-posts":[{"id":425,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=425","url_meta":{"origin":1124,"position":0},"title":"More Fallout From the Fox Street Journal","author":"Mark NC","date":"5\/2\/2007","format":false,"excerpt":"Dow Jones's Bancroft Family Rejects Murdoch's Offer: Dow Jones & Co. said Bancroft family members who control more than 50 percent of the company's voting shares will reject a $5 billion takeover bid by Rupert Murdoch's News Corp. This still doesn't mean it's over. Murdoch could sweeten the offer and\u2026","rel":"","context":"In "Big Media"","block_context":{"text":"Big Media","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=12"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1151,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=1151","url_meta":{"origin":1124,"position":1},"title":"The Wall Street Journal After A Year With Murdoch","author":"Mark NC","date":"12\/13\/2008","format":false,"excerpt":"It was one year ago today that the Dow Jones Company, parent of the Wall Street Journal, agreed to be acquired by Rupert Murdoch's News Corp. That transaction marked another step in the shrinking universe of media ownership. Specifically, it was the consumption of a revered publishing institution by a\u2026","rel":"","context":"In "Big Media"","block_context":{"text":"Big Media","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=12"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":424,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=424","url_meta":{"origin":1124,"position":2},"title":"Murdoch Makes Bid For Dow Jones","author":"Mark NC","date":"5\/1\/2007","format":false,"excerpt":"Rupert Murdoch's News Corp. has made an unsolicited offer to purchase the Dow Jones Company, owner of, among other things, the Wall Street Journal. Dow Jones is majority controlled by the Bancroft family, who have been reluctant to sell in the past. But the combination of the poor performance of\u2026","rel":"","context":"In "Big Media"","block_context":{"text":"Big Media","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=12"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1637,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=1637","url_meta":{"origin":1124,"position":3},"title":"Neil Cavuto Romances Rupert Mudoch, Investors Get Screwed","author":"Mark NC","date":"5\/5\/2010","format":false,"excerpt":"The News Corporation released their quarterly earnings yesterday after the market closed. On the surface there was good news as News Corp beat the estimates of analysts. So Rupert Murdoch visited his own studio to be interviewed by his employee, Neil Cavuto. Cavuto introduced the segment with a bootlicking recitation\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=1"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4873,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=4873","url_meta":{"origin":1124,"position":4},"title":"Rupert Murdoch’s News Corp Stiffs America – Pockets $5 Billion In Tax Refunds","author":"Mark NC","date":"7\/12\/2011","format":false,"excerpt":"Much of the world is presently learning what a despicable old plutocrat Rupert Murdoch is. The still unfolding scandals in the UK have revealed just how low his ethics can descend. On top of that his Fox News empire has been bashing Media Matters for weeks, and falsely asserting that\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=1"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4854,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=4854","url_meta":{"origin":1124,"position":5},"title":"Shoes Are Falling: News Corp Scandal Keeps Getting Worse","author":"Mark NC","date":"7\/11\/2011","format":false,"excerpt":"Anyone waiting for the next shoe to drop in the News Corp hacking affair would be wise to seek cover. It's about to hail footwear. No matter how hard Rupert Murdoch and his minions struggle to hold back the sea, they are continuing to get battered by higher and more\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=1"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts\/1124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1124"}],"version-history":[{"count":0,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts\/1124\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}