Let me say emphatically – NO. Absolutely – no f-cking way this should happen. I am 100% wholly against the consolidation of media control; the past few decades have shown the impact of an ever tightening grip on news organizations by a select few. If Mitt Romney wins – his administration would likely be very supportive of this move. If President Obama wins – it is very hard to see this making it through regulatory hurdles. It is these types of deals that are simply bad for our democracy; this is the guy who avoided jail for violations of British law but 60 of his employees in the UK weren’t so lucky.
News Corp is already the world’s 2nd largest media organization and already owns the following media companies:
The interest in the two newspaper companies comes just 3 days after Rupert Murdoch maintained his grip on power and allowing him to stay on board as both Chairman of the Board and CEO of News Corp in addition – two of his sons were voted to serve on the Board of Directors. The purpose of the Board of Directors is to serve as a check and balance … to deliver accountability to the CEO. When the CEO is Chairman and his two sons serve on the board … there is ZERO accountability. All of this comes AFTER 60 News Corp employees have been arrested for violations of criminal law in the UK (source).
Reuters reports HERE:
News Corp executives — including Murdoch’s son James — flew into Los Angeles twice this month to take a preliminary look at the storied daily’s books, said the source, who spoke on condition of anonymity because the meetings were not publicized.
Rupert Murdoch is also eyeing the Chicago Tribune, whose publisher Tribune Co is now trying to exit bankruptcy. News Corp executives are in early talks with Tribune Co debtholders, including hedge fund Oaktree Capital. The company wants to secure footholds in Los Angeles and Chicago, according to the Los Angeles Times, which first reported the news.
Murdoch has long eyed the LA Times, the newspaper reported. Oaktree declined to comment, while News Corp did not respond immediately to requests for comment.
Wall Street has speculated that the company will take to the acquisition trail after its split into two businesses, one for entertainment and the other for publishing, to bulk up its holdings in a newspaper industry ravaged by advertising revenue losses and declining readership.
Most people didn’t hear the news about the fact that News Corp split into two different companies precisely to usher in potential government approval – the publishing company and the entertainment company …. Fox News is part of the entertainment company. More on that HERE:
For News Corporation, forming a separate entertainment company could help with future acquisitions that require government approval. Last week, News Corporation said it agreed to pay roughly $2.2 billion to acquire Australia’s Consolidated Media Holdings, an investment company in the pay TV business.
Talk of a divided company comes as the British regulatory agency Ofcom investigates whether News Corporation is “fit and proper” to control 39 percent of the satellite broadcaster British Sky Broadcasting. The investigation is a result of the hacking scandal that has in the last year touched on an array of figures, including Prime Minister David Cameron of Britain (who has been accused of being too close to the Murdochs) and James Murdoch, who led the company’s British newspaper operations.
Even though News Corp is splitting – Rupert Murdoch would be Chairman of both organizations. Additionally – nothing is stopping him from naming one of his sons as CEO of the publishing division while he maintains his role as CEO and Chairman of the Entertainment company. This would keep everything the family and would treat both companies separately on paper …. but nothing would really change financially for the family and Rupert would still be in control. And – earlier Friday … news broke that Roger Ailes – president of Fox News – will remain in position for another 4 years (source).
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