Advisory: David Cay Johnston column on Rupert Murdoch is withdrawn

July 13, 2011

Please be advised that the David Cay Johnston column published on Tuesday stating that Rupert Murdoch’s U.S.-based News Corp made money on income taxes is wrong and has been withdrawn. News Corp’s filings show the company changed reporting conventions in its 2007 annual report when it reversed the way it showed positive and negative numbers. A new column correcting and explaining the error in more detail will be issued shortly.


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[…] Reuters Retracts Column Saying News Corp. Got Billions In Tax Refunds Wednesday, July 13th, 2011 | articles | Reuters just posted this: […]

Posted by Reuters Retracts Column Saying News Corp. Got Billions In Tax Refunds | Get News, Articles and other Informations | Report as abusive

I will be laughing myself to sleep tonight, but I do give credit for the retraction, which the NY Times never had the stones to do with their shameful story on GE’s taxes.

Posted by TinyOne | Report as abusive

I think it needs to be made clear that in NO WAY was it necessary to know that the reporting convention had been changed in 2007 to catch this error. Cash interest paid, the line item directly below the tax numbers DCJ cited, was negative as well. Sale proceeds from investments, the next line, was positive. EVERY INDICATION suggested that negative numbers were outflows from the company, positive numbers were inflows to the company.

This is what happens what you have a dedicated ideologue reporting on technical topics. This is a case of serious and gross incompetence and stupidity by DCJ and the responsible editors. There should be terminations– truly an embarrassment.

Posted by TinyOne | Report as abusive

[…] detail how, exactly, Johnston misread a News Corp. financial statement but for now there’s this posting on Reuters’ Mediafile blog: “Please be advised that the David Cay Johnston column published on Tuesday stating that […]

Posted by Reuters Columnist David Cay Johnston’s No Good, Very Bad Day | Financial Publicity | Report as abusive

[…] This welcome claim of further Murdoch villainy got repeated far and wee. Unfortunately, the whole thing was, in classic Johnstonian style, a crock. Reuters:  […]

Posted by Oh David Cay Johnston, You’ve Done It Again! Reuters Nixes Serial Misreporter’s Debut Column – Hit & Run : Reason Magazine | Report as abusive

You now have probably hundreds of blogs linking to your original (inaccurate) article that links to a “page not found” page. You should link up the previous article address to a/the page explaining and retracting the erroneous article. Readers shouldn’t have to go looking for an explanation of the mistake like I did. The original link should now admit and explain your error!

I am not a News Corp. fan, but this has seriously damaged your credibility.

Posted by RedSteve | Report as abusive

TinyOne, what is the real story on GE’s taxes? Contrary to popular belief, did they in fact pay taxes? Where can I read the truth thx

Posted by wdik | Report as abusive

[…] followed by a lengthy apology and explanation by Johnston which appeared later at Reuters after the wire service’s official withdrawal of the […]

Posted by David Cay Johnston’s Utterly Humiliating, Totally Incorrect Anti-Murdoch Adventure | Report as abusive