News Corp. posts whopping $8.4 billion loss
Watch Rupert weep..
News Corp. announced a net loss of $6.4 billion in the final quarter of the year, the company's second fiscal quarter, as it wrote down the value of its TV operations, newspapers and information services to the tune of $8.4 billion.
Commenting on the results company Chairman and CEO, Rupert Murdoch, said the results were a “direct reflection of the grim economic climate.” He said the downturn had been more severe than expected and would likely last longer than predicted. The company would continue its efforts to cut costs across the business.
In the television segment second quarter operating income was down $227 million to $18 million as a result of decreased earnings at Fox TV stations, Fox Broadcast Network, Star, the company’s Asian pay-TV company and MyNetworkTV. Operating income at the stations fell 44% against the year ago period. Local TV advertising in the quarter dropped an estimated 19% in the quarter. The company sold eight of its stations last year, however.
A positive aspect to the financial crisis!
They are just one Presidential SEX SCANDAL away from a recovery, however.
I agree. Finally great news is released to the public.
Hannity, Beck, and BillO all sitting before Congress and asking for a bailout. I would pay to see that.
I'd LIKE to say "suck on it, Murdoch," but you know what he'll do is get a bailout, then use that money to buy up MORE media companies...
"The Good and Great Must Ever Shun, That Reckless and Abandoned One
Who Stoops to Perpetrate a Pun," Lewis Carroll, 'The Three Voices.'
would cry like a little bitch and work his retarded daughter into the testimony; Billo would demand they bailout FOX, with swearing, and Hannity would attempt to get the ACLU to sue due to his 'freedom of speech' being curtailed while burning up testimony minutes by repeating the phrase "America is the greatest best country that God has ever given man on the face of the earth."
me-oww!
If Hannity really said that - I have to say the ignorance behind it is positively mind-bending.
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It's a Colbert Report segment wherein a lot of incidents of the phrase are strung together. He said it several times.
It was a concerted effort on Dough Boy's part to turn it into one of the most batshit crazy insane catch phrases evah.
me-oww!
the talking heads at FOX are going on and on about how "President Obama is using scare tactics to pass this economic stimulus plan for a non-existent economic crisis."
These people have no shame, and their projection is just baffling to be honest.
After 8 years of non-stop scare tactics by FOX et al, now they have the gall to call Obama out as a scare monger. So it seems OK to make shit up to scare people, but when dealing with reality... and if that reality is indeed scary, then denial is the preferred course of action for the common right winger. These people live in their own alternative reality, hopefully this $6 billion loss will be the first step towards their "invisible hand" bitchslapping them down to reality.
Faux News has used scare tactics since they were up and running.
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Blackmail, extortion and coercion are a few more...
From 1995: Frontline: Who's Afraid of Rupert Murdoch? transcript
me-oww!
They all have screamed and hollered how AirAmerica "failed" because noone wanted to hear it. That noone bought advertising on it.
Well Rupert, "wah happend?"
Noone wants to hear from you! Go home!
We Aussies don't want him back. Sorry, nothing personal, but when we send people like Ken Ham & Rupert Murdoch to America, its for good.
Seems personal to me.
If you need funds to pay for essentials, you have a revenue problem
If you need funds to pay for frivolity, you have a spending problem
Thanks for nothing. Perhaps we could send you Limbaugh or Coulter, just to say thanks of course.
Rush Limbaugh is what a smart person thinks a stupid bigot sounds like.
I'll second that.
Must have been taking financial and investment advice from his own shows. I still remember Hannity and Cavuto talking up the economy right up until Bush requested $700b in bailout money.
Let's not forget who first said it, nor which network repeated it over and over and over again until even they finally realized nobody was buying it.
There SHIT has been wearing very Thin for a long time.
Where shit?
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This couldn't happen to a more deserving corporation. My hope is that the trend continues for at least the next several years. :)
With a 44% loss in operating income during the last year, I don't think they have too many years left.
Secretary weasel Geithner will probably bail him out with taxpayer $$$, so that Rupert can pay Billo and Insanity their massive contracts.
Think Sean and Billo would say "no, that's socialism?" Neither do I.
Rush Limbaugh is what a smart person thinks a stupid bigot sounds like.
On a broader note but entirely germane…
On politics and the media:
Bill Moyers with Jay Rosen and Glenn Greenwald.
Part 1
Part 2
Part 3
Transcript here.
statusquObama, change you can only pretend in
.
... thank you!
How many corporations are losing money and still have offshore accounts that are not included in the earning or when they pay taxes...They have not lose one bit of the wealth or luxurious life style..
I believe this is a plan , controlled , one sided recession and that the only ones that are "really" hurting are the working class , senior and poor..
You can not believe the corporate news organizations because they are making 6 figure income plus...
I believe this is one way that Bush's administration had to force a reduction in American workers , stop their retirement/health programs while sending their manufacturing plants , using a cheap work force overseas while destroying the unions..
Why are Americans excepting this force monopoly by the corporations to control steal the wealth of this country...
Bush will be known as a God to the elite , corporations AND CRIMINALS around t
None
I wonder if we may soon hear something from CNN and Time/Warner?
Newspapers are drying up as we speak.
Diabolus est Deus Inversus
To think that these lying fools might get whats comming to them finnaly!
Sat, 02/07/2009 - 11:30 — ysbaddaden
Newspapers are drying up as we speak.
_____________________________________
Not if your paper-training your puppy.
but according to Bill O'Reilly, that's because the ones drying up are far left wing radical newspapers.
money loser since Rupert bought it, and the network that pays Billo's salary is rattling at its foundations. Not that you'd expect anything like truth or realism from Billo...
Here's to you Murdoch, you propaganda slinging slimeball!
http://i7.photobucket.com/albums/y284/fullmul...
Emancipate yourself from mental slavery, none but ourselves can free our minds--Bob Marley
Boo-freekin-hoo...
FAUX sucks more than the rest so it’s only logical that they be the first to go. Oh, and good riddance.
of being a bunch of greedy lying shit heads!
If these people were to ever tell the truth their whole deck of cards will come crashing down.
It cannot happen soon enough.
I hope to see murdock,oliar,hannity, and all the fox moronic liars get what they deserve their very own semiprivate room in hell or a local prison with a serial killer as a room mate!
rupert murdoch has an international corporation. That gives him a chance to play shell games with his assets. However, the economic problems are world-wide, so even that mayn't work.
Waddya bet they fire staffers and support people, while continuing to give huge salaries to their "stars?"
Diabolus est Deus Inversus
What stars?
If only that kind of loss were coming out of your personal pocket. Then life would be sweet. Pictures accompanying headlines like "The Dirty Digger's Dirty New Digs" would thrill us all
me-oww!
There will be more, some more innocent... much more guilty.
Those that have manipulated the illusion most will bear the biggest adjustments.
There is no room in the new paradigm for bs peddlers...
Time to cut costs. I'd start with BillO.
Replace Hannity and O'Lie-ly with a couple of shaved chimpanzees who fling their own excrement at each other and at the screen. It would add to the entertainment value, cut down on salaries, and the devout viewers probably wouldn't notice the difference anyway...
colter and (gri)malkin?
Diabolus est Deus Inversus
No mention of how poorly the News Corp. newspapers are doing.
If operating income in the television segment was down $227M, and the net loss was $6.4B...It's gotta be the papers- I don't think you can put much of the remaining $6.2B net losses on the movie studio.
Don't try to confuse the issue with half-truths and gorilla dust.
What papers does he own besides WSJ and London Times?
Diabolus est Deus Inversus
NY Post, several papers in England and a boat load in Australia.
News Corp. also owns Direct TV among other things...
http://www.cjr.org/resources/
Before enlightenment - chop wood, carry water. After enlightenment - chop wood, carry water.
I knew about England, without any names, but possibly the Sun. They're usually low quality tabloids with page 3 girls.
Hey, maybe the Dallas Morning Nudes could use some page 3 girls.
Oh yeah, I did know news corp is one of the six groups that own the bulk of American media.
Diabolus est Deus Inversus
And broke the back of the unions on Fleet Street. He secretly built new facilities in Wapping and transferred ops there.
He also owns 'The News of the World,' known better in England by its nickname 'News of the Screws' which is a prurient pos gossip rag.
Shit like that and page 3 tit models in the Sun and Page 6 gossip -- this guy is a paradox -- he thoroughly drags down journalism, then buys the vanguard journalistic organs like The Times and the WSJ, trying to wash away the stench of his moral turpitude, I think.
BTW, I do read the Sun, for all my Coronation Street updates and plot spoilers, and the goss on the stars
me-oww!
So can rupert murdoch afford a Whopper anymore?
As Marge Simpson said, when Montogomery Burns lost his fortune, and was picking up empty cans to recycle for cash, "He used to be stinking rich, now he's just stinking."
Diabolus est Deus Inversus
HA HA HA HA HA HA HA H HA!
The loss was $6.4 billion, mostly due to the write-down which was $8.4 billion.
Though I chose too question my memory, waning too my optimistic outlook! :-)
[Wound meet Salt]√
Study the symptoms not the virus...
stunt can they pull now? Beck didn't work. O'Reilly's not helping. What crazy person can they put on to help them out of this one? Maybe the Malkin-Coulter Hour? Or mud wrestling?
Charles Manson?
Diabolus est Deus Inversus
How about a new reality show,
America's Top Executions?
Diabolus est Deus Inversus
...or maybe "Former Republican Crooks&Creeps" - they've already got Ollie North and Dick Morris. Now Cheney is available, and Bush, and Condi;....Michael Steele, that McCain child-molester guy from Colorado; David Vitter and Larry Craig would add a touch-of-class. Rupie has so many opportunities......
"Egotism is the anesthetic that dulls the pain of Stupidity" - Frank Leahy
combining the two and calling it Malkin-Coulter Mud Wrasslin' Show.
The whole Beck thing is mind-boggling --I can't even begin to understand what they thought was going to happen there. Bringing in a new personality that is very nearly certifiably insane is going to help them HOW?
O'Reilly is so close to over the edge that it's almost scary.
Someone over there must really believe in either a)the crap these human aberrations spew -- or -- b)the irredeemable stupidity of the American viewer. Maybe both.
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Jeopardy for Dummies®?
Study the symptoms not the virus...
See, you let Alan Colmes go and everything turns to shit.
8.4B isn't enough - I hope you fucking starve Murdoch.
Before enlightenment - chop wood, carry water. After enlightenment - chop wood, carry water.
He'll just make a new movie series of, "Kevin the Boxing Kangaroo."
Diabolus est Deus Inversus
WooooHoooooo, Marge we're free........ get me a beer!
"I never meant to say that the Conservatives are generally stupid. I meant to say that stupid people are generally Conservative.”
- John Stuart Mill
Didn't NewsCorp use its stock as collateral for bank loans to buy the WallStreet Journal?
If NewsCorp Stock is worth less money now how long until the banks ask for more collateral?
Did NewsCorp get loans from any banks that were taken over by the government?
I guess that explains why we are in the economic shithole that we are in, with a business class made of "luminaries" who think it is perfectly acceptable the use of stock as collateral.
I am beginning to think that we need to start implementing a internment camp program for MBAs. We need to remove these assholes from the general population before they collapse us even further...
Dow Jones & Company is an American publishing and financial information firm.
The company was founded in 1882 by three reporters: Charles Dow, Edward Jones and Charles Bergstresser. Like The New York Times and the Washington Post, the company was in recent years publicly traded but privately controlled. The company was led by the Bancroft family, which effectively controlled 64% of all voting stock, before being acquired by News Corporation.
The company became a subsidiary of News Corporation after an extended takeover bid during 2007. [2] It was reported on the 1st of August 2007 that the bid had been successful[3][4] after an extended period of uncertainty about shareholder agreement[5]. The transaction was completed on December 13, 2007. It is worth US$5 billion or $60 a share, giving NewsCorp control of The Wall Street Journal and ending the Bancroft family's 105 years of ownership
Amended: The Names May Change but The
MoneyStays the same...Study the symptoms not the virus...
"Ha-ha!"
Oh, and hannity sucks ass:
http://www.flickr.com/photos/ultravod/211530634/
Men are basically smart or dumb and lazy or ambitious. The dumb and ambitious ones are dangerous and I get rid of them. The dumb and lazy ones I give mundane duties. The smart ambitious ones I put on my staff. The smart and lazy ones I make my commanders.
Actually that would be Nelson Muntz.
Diabolus est Deus Inversus
They can write it off as a charitable deduction to the Republican party.
ANY bad news at Faux news -- is good news.
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Hear that sound, Hannity? I think it's the market speaking.
It would have been nice if you added that traitor Sumner Redstone to the list, too, since he claimed Kerry would have been worse for Viacom and the economy than Bush, and then had to downgrade his holdings because of the non-economy.
I am smiling from ear to ear! Any talk about bailing out these sorry networks will result in a riot! Let's hope 8.4 BILLION is just the beginning!
And thanks to the poster for the Bill Moyer links.
now that I think about it, Rupert's media revenues will probably drop even MORE now that all the rednecks who watch his network won't be able to get their free digital conversion boxes. I wonder if he realizes what a monster he's created, yet?
Once the rich have enough to be comfy the rest of thier lives, the rest of the cash is more or less funny money to play with. His businesses prob do so many transactions on paper in a year, that the tax deductions alone would make a normal person's head spin. To him, it's prob similar to playing monopoly.
It's kind of embarrassing to dump a failing company on his son.
he lived long enough to see happen to News Corp what happen to his late nemesis's, Robert Maxwell, property and sons.
Mysterious death, eh? Both rotten to the core.
me-oww!
It's funny you said "it's prob similar to playing monopoly". :-)
You don't know how right you are, then again, maybe you do?... :-O
Study the symptoms not the virus...
just numbers on paper. It's what I like to call a 'Market Correction'
me-oww!
What do you call News Corp losing 8.4 Billion?
...A good start.
Wow, all the rats are leaving the neo-con ship.
Since Bush let half of the bailout get burned up in golden parachutes and big bonuses, there won't be any of it left for Rupie when he needs it. And he will need it.
Can't wait to see video of Beck, and O'Reilly in the welfare line on Countdown or Maddow.
in the welfare line? I would hope, if they're unemployed, that they would join the armed forces.
3/17/2000 - $30.06
11/20/08 - 5.91
2/6/09 - 7.68
Next week O'Liar will blame it on the evil Immelt, GE and NBC
If you need funds to pay for essentials, you have a revenue problem
If you need funds to pay for frivolity, you have a spending problem
Keep sucking on your lips rupie boy
They may be the only protein you'll get for awhile.
Diabolus est Deus Inversus
I mentioned this on the open thread yesterday.
If you follow Billo's reasoning, a drop in profits means the American people have rejected Newcorp's methods and ideology.
This is more true now than any time Billo has said it.
And since Murdoch has used his media outlets to promote the conditions that led to the meltdown, it couldn't happen to a nicer bunch of people.
http://the-billablog.blogspot.com/2009/02/new...
http://the-billablog.blogspot.com/
Sorry, no tears here for you, Murdock. If anything, I hope that this is only the beginning of the end of your absolutely despicable "empire".
Staff cuts, mainly the mad dog "journalists" on the teevee.
Good for this greedy, wife-dumping, soccer league ruining conservative, right-wing bastard.
If you take Rupert we will accept 5 of your top wingnuts and feed them to our stingrays, box jelly fish and sharks.
For all the damage he's done he deserves to lose it all...
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