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Rupert Murdoch on new News Corp: 'the chance to do it all over again' Rupert Murdoch on new News Corp: 'the chance to do it all over again'
(4 months later)
Rupert Murdoch has admitted to making "spectacular" mistakes in the past, but the News Corp chief believes he has also "confounded expectations."Rupert Murdoch has admitted to making "spectacular" mistakes in the past, but the News Corp chief believes he has also "confounded expectations."
He went on to tell investors at a New York meeting: "You may be wondering why I want to do it all over again. The simple answer is: there is opportunity everywhere.He went on to tell investors at a New York meeting: "You may be wondering why I want to do it all over again. The simple answer is: there is opportunity everywhere.
"I have been given an extraordinary opportunity most people never get in their lifetime: the chance to do it all over again.""I have been given an extraordinary opportunity most people never get in their lifetime: the chance to do it all over again."
Ahead of the 28 June split of News Corp into two separate companies, he was trying to convince Wall Street of the virtues of the publishing division, which he said he regards as "undervalued and underdeveloped."Ahead of the 28 June split of News Corp into two separate companies, he was trying to convince Wall Street of the virtues of the publishing division, which he said he regards as "undervalued and underdeveloped."
The 82-year-old media mogul reminded investors that he had defied sceptics throughout a 60-year career spent building a giant international conglomerate.The 82-year-old media mogul reminded investors that he had defied sceptics throughout a 60-year career spent building a giant international conglomerate.
It began with newspapers before he moved into magazines, book publishing, television, movies and a range of entertainment businesses.It began with newspapers before he moved into magazines, book publishing, television, movies and a range of entertainment businesses.
But newspapers, once the cash cow for his empire, have become a problem. A combination of declining ad revenues, falling circulations and the growth of internet-based rivals have eaten into profits. And then came the News of the World phone hacking scandal.But newspapers, once the cash cow for his empire, have become a problem. A combination of declining ad revenues, falling circulations and the growth of internet-based rivals have eaten into profits. And then came the News of the World phone hacking scandal.
Now his publishing interests are being spun off into a company that will retain the News Corp title (while the much more profitable entertainment division will be called 21st Century Fox).Now his publishing interests are being spun off into a company that will retain the News Corp title (while the much more profitable entertainment division will be called 21st Century Fox).
Among the main titles wrapped into the new company will be The Times, Sunday Times, The Sun, the Wall Street Journal, New York Post, The Australian plus book publisher HarperCollins and a fledgling education unit, Amplify.Among the main titles wrapped into the new company will be The Times, Sunday Times, The Sun, the Wall Street Journal, New York Post, The Australian plus book publisher HarperCollins and a fledgling education unit, Amplify.
Murdoch acknowledged that "individual challenges" face some of the company's businesses, and those future difficulties were touched upon by News Corp's new chief executive, Robert Thomson.Murdoch acknowledged that "individual challenges" face some of the company's businesses, and those future difficulties were touched upon by News Corp's new chief executive, Robert Thomson.
He said: "We will be relentless in our cost-cutting and in our pursuit of profits." He gave no specifics about cuts, but his statement will hardly lift morale at the British papers.He said: "We will be relentless in our cost-cutting and in our pursuit of profits." He gave no specifics about cuts, but his statement will hardly lift morale at the British papers.
Sun staff are in the doldrums because of 24 staff having been arrested. And many journalists at The Times remain unhappy about the way in which their previous editor, James Harding, was dismissed. It is fair to say, however, that they have warmed towards the acting editor, John Witherow.Sun staff are in the doldrums because of 24 staff having been arrested. And many journalists at The Times remain unhappy about the way in which their previous editor, James Harding, was dismissed. It is fair to say, however, that they have warmed towards the acting editor, John Witherow.
Thomson, a previous Times editor, told the investors that the new company would begin life with a clean balance sheet, no debt and a cash injection of $2bn (£1.33bn).Thomson, a previous Times editor, told the investors that the new company would begin life with a clean balance sheet, no debt and a cash injection of $2bn (£1.33bn).
Analysts, aware of Murdoch's acquisitive track record, wanted to know if he intended to use the cash to go shopping for more titles. He is thought to be eager to buy the Los Angeles Times once it goes on the market.Analysts, aware of Murdoch's acquisitive track record, wanted to know if he intended to use the cash to go shopping for more titles. He is thought to be eager to buy the Los Angeles Times once it goes on the market.
Murdoch told them that if the "price is right" News Corp could be interested in more papers. But he pointed out that US cross-ownership rules, which prevent companies from owning top TV stations and newspapers in the same market, made it "pretty unlikely." News Corp owns TV stations in LA.Murdoch told them that if the "price is right" News Corp could be interested in more papers. But he pointed out that US cross-ownership rules, which prevent companies from owning top TV stations and newspapers in the same market, made it "pretty unlikely." News Corp owns TV stations in LA.
The new News Corp also unveiled its logo, a script based on the handwriting of both Murdoch and his father, Keith.The new News Corp also unveiled its logo, a script based on the handwriting of both Murdoch and his father, Keith.
Sources: Reuters/Wall Street Journal/CTVSources: Reuters/Wall Street Journal/CTV
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