Murdoch’s investors and Wall Street analysts wish he’d wash the newsprint from his hands and let the industry die in peace.

From a NYT story published a whole 48 hours ago:

But Mr. Murdoch, as much old-fashioned press baron as 21st century multimedia mogul, faces a depressing reality: his lifelong fondness for newspapers has become a significant drag on the fortunes of his company, the News Corporation.

The company recently took $8.4 billion in write-downs, including $3 billion on its newspaper unit, which includes The Journal’s publisher, Dow Jones & Company. Meanwhile, the News Corporation’s stock price has fallen by two-thirds in the last year, a sharper decline than at media conglomerate peers like Time Warner and Viacom…

“The thing I hear from investors is that they wish News Corp. was everything but newspapers,” said David C. Joyce, media analyst at Miller Tabak & Company.

Brend an Kiley has worked as a child actor in New Orleans, as a member of the junior press corps at the 1988 Republican National Convention, and, for one happy April, as a bootlegger’s assistant in Nicaragua....

4 replies on “Murdoch Bad for Newspapers, Newspapers Bad for Murdoch”

  2. So awesome, because Murdoch only ever wanted to be a newspaper titan and he fucking sucks at that. He’s got the reverse Midas touch of shit when it comes to newsprint or actual journalism.

    Also hilarious is that Murdoch apparently can’t stand his own awful TV “news” “personalities” like Bill O, who ironically loves to give updates on how badly GE’s stock is performing, implying that the “unpopularly liberal bias” of NBC and MSNBC is somehow driving General Electric’s stock price down.

    HA HA HA HA

  3. When Murdoch falls, and his time is nigh, I’m fairly certain an immense purplish ether will explode from where his crumpled body lands at the bottom of the Death Star shaft.

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