When you have a personal relationship with The Omniscient are you ever tempted to ask for an inside stock tip?
From The Guardian UK–
News Corporation made a loss of $1.6bn (£1.2bn) in the last quarter as it absorbed $2.8bn in charges related to a plan to spin off its ailing publishing businesses.
The loss compared with a profit of $683m in the same period a year ago and came as revenues dipped 6.7% to $8.4bn, hit by a slide in audiences for TV shows including American Idol and disappointment at the box office for its Hollywood studio. The results were below analysts’ expectations and the company’s shares fell in after-hours trading.
The fourth-quarter loss was linked “most significantly” to poor performances at News Corp’s Australian publishing assets, the company said.
News Corp announced plans last month to split off its publishing assets including the Wall Street Journal, the Times and the Sun in the UK, and its Australian newspapers from the more lucrative film and television assets including Fox Broadcasting, the Twentieth Century Fox studios and its stake in BSkyB.
The move comes in the wake of the phone-hacking scandal that has led to a sprawling criminal investigation in Britain and has triggered an investigation in the US under the Foreign Corrupt Practices Act.
And this right after the Church sold all its stock in Newscorp. Coincidence? I think not.
Well, it took them long enough– but maybe the Church was waiting for Newscorpse to repent…
The Church of England has sold all shares in News Corporation held in its investment portfolios on ethical grounds, after a phone hacking scandal at the media empire’s UK operations.
The Church, which has three national investing bodies, sold the shares worth 1.9 million pounds ($2.97 million) after its Ethical Investment Advisory Group (EIAG) was not satisfied with the level of corporate governance reform at Rupert Murdoch’s media conglomerate following a year of dialogue.
“Last year’s phone hacking allegations raised some serious concerns amongst the Church’s investing bodies about our holding in News Corporation,” Andrew Brown, Secretary of the Church Commissioners said in a statement on Tuesday.
The Murdoch scandal isn’t totally old news, two more arrests today– a reporter and a police officer.
It’s been said that the remedy for speech is more speech. Letting one corporation build a media monopoly works against the free flow of information. That money corrupts so deeply is the real scandal.
If it turns out that News Corp stock loses value the Church will be thanking its voice of conscience, but that probably won’t happen. The Corp will just throw a few more reporters under the bus and polish their public image for the next marketing move.