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February 6th, 2009

Murdoch wants newspapers, just not The New York Times

Posted by: Robert MacMillan

Michael Wolff, author of the recently published Rupert Murdoch tell-all, “The Man Who Owns the News,” says that the News Corp chief executive would love to buy The New York Times. The only thing standing in his way is the Ochs-Sulzberger family which controls the Times. If they’re anything like the Bancrofts, former controllers of Dow Jones/Wall Street Journal, only an insane amount of money might persuade them to let go of the prized but struggling newspaper publisher.

Or maybe Murdoch himself. Whatever the scuttlebutt is about Murdoch’s plans for the Times, he told reporters on Thursday that he’s not interested in buying it. Speaking on a conference call after the company reported dismal second-quarter results, he said it might not be good for his image:

“I’ve got no desire to be an even bigger public enemy.”

This, of course, refers to the charge leveled at him from London to New York to Hong Kong that he uses the papers and other media that he owns to advance his personal business interests.

As for newspapers themselves? He already owns a bunch, from the Journal (which was part of a $3 billion-plus writedown on Thursday’s earnings) to the New York Post ($185 million writedown Thursday) to The Times of London to The Australian. And he’s keeping them, by the sound of things:

“I’ve got great faith. If we continue the way we’re going, we may even get lucky and not have so much competition at the end of it all.”

There he goes again — trashing The New York Times. But look at it this way, why not trash it until it’s beaten down enough that the Sulzbergers are compelled to sell? After all, Murdoch only has to be right today. He can change his mind tomorrow.

(Photo: Reuters)

November 28th, 2008

How I Wolff’d down the Murdoch book

Posted by: Robert MacMillan

After nearly setting off my tilt mechanism at Thanksgiving dinner by eating twice my weight in food, I spent the earlier part of Friday gorging on as much of Michael Wolff’s new Rupert Murdoch biography as I could. I read just enough to think of some questions for Wolff that wouldn’t come off as sounding too stupid, and then we got on the phone.

First, a short reminder of why we care about Rupert Murdoch and want to read Wolff’s book, “The Man Who Owns the News,” which Broadway Books, an imprint of Random House’s Doubleday label, is releasing on Dec. 2 (after passing some copies around to people like me):

  • Murdoch is the legendarily aggressive Australian businessman who built News Corp into an international media empire.
  • He owns this crazy collection of stuff, from MySpace to the New York Post to Sky Italia to stakes in companies in countries you’ve never even heard of.
  • He did it despite — and perhaps because of — his treatment by more well-heeled media contemporaries as a vulgar, Antipodean mutant form of themselves.
  • He’s a big risk-taker, as evidenced by his $5.6 billion purchase of Dow Jones & Co and its crown jewel, The Wall Street Journal. That price was 65 percent more than the company was worth.
  • His love life with the much younger Wendi Deng causes constant speculation about who will run his empire when he is gone.
  • Some people think he uses his news outlets to advance his business interests, something that in utterly unremarkable in certain parts of the world.

Now for some Q&A with Michael Wolff. We moved one or two items out of chronological order to preserve a bit of continuity with the questions.

Q: Why did you write this book?

A: My primary aim was to get Rupert on paper, to get a real sense of who this guy is. I wasn’t really interested in whether he was a good guy or a bad guy or good for journalism or bad for journalism.

Q: He saw an early copy of the book, according to the blogs. Has he tried to contact you?

A: I got a series of increasingly desperate e-mails one day… about four to six weeks ago.

Q: What did he say?

A: “Please call me, I want to talk,” or “There are terrible mistakes here, and we must rectify them.” … There were no terrible mistakes. [He would say things like] Circulation of the Daily Mirror in London in 1969 was not 4 million, it was 5 million. (New York Post Editor Col Allan, a key Murdoch associate, didn’t seem that happy, according to Wolff. He responded to Wolff’s book party invitation with the less than amused, “Lose my e-mail address.”)

Q: What does he think of the book?

A: He’s mad about the book now, but… it doesn’t pick the fights that people always pick with him about whether he’s good for mankind or not. I think that people around him will say, “Hey Rupert, that’s you… And this is not a negative portrait.”

Q: Come on. Does he really want to buy The New York Times? Our sources say he was just having a little fun with you.

A: He really contemplates how he can get The New York Times.

Q: So what about the Murdoch myth?

A: [People say] this is a man who we think is a control freak and a visionary and who has had this very clear plan of dominance, and I find that not to be true at all. This is a company that has been built over more than 50 years with very little vision. It was a series of opportunities. … I found him to be the ultimate city editor. Whatever happened yesterday is gone.

Q: What about his marriage to Wendi Deng?

A: I think that it’s transformed him, for all the obvious, humdrum and cliched reasons. I [also] think that she, herself, she’s not dissimilar to Rupert. He found somebody who he’s very much on the same page with, people who look out on the world with a certain amount of avariciousness and excitement too. The excitement mitigates the greed.

(Photo/Reuters)

October 31st, 2008

Wolff opines on Murdoch… again

Posted by: Robert MacMillan

Can you tell it’s book-flacking time?

Vanity Fair is running the second excerpt from the forthcoming book that Michael Wolff wrote about News Corp chief Rupert Murdoch (this one centers on his family), and Wolff is making the rounds this week to talk about it. He was on CNBC moments ago, engaging in everyone’s favorite media parlor game: Parsing Murdoch’s every move like a multi-clause sentence. Friday’s appearance follows a panel discussion at a PaidContent.org conference earlier this week where he made similar remarks. Here’s what he said on CNBC.

What will Murdoch do after buying The Wall Street Journal? What’s his next move?

“I’m not sure that he exactly knows. One of the problems here is that he bought a newspaper and not only did he buy a newspaper, but if he had only waited six months to buy that newspaper he would have saved a billion and a half dollars.” (Nothing like hindsight, is there?)

What will he buy? What will he sell?

“I don’t think that he’ll do either in the short term. I think in the short term they’ll try to manage their businesses the best way they know how.”

Does Rupert care that his stock is down?

“Does he care? No! Do the people around him care? The people holding stock options? Well, let me put it this way. Having spent a lot of time around that building, I have heard people at the highest echelons of that company complaining deeply about the price of News Corp shares.”

Was buying the Journal a mistake?

“I don’t think it’s a mistake for Rupert. I think it’s actually the crowning glory for Rupert. Is it a business mistake? Of course it’s a business mistake. It’s a newspaper!”

Who will run News Corp after Murdoch dies?

“I think we know who it’s going to be. His four adult children are going to be very clearly holding the reins.
James will be the CEO. … It depends on when Rupert departs this vale of tears. Is james ready to be the CEO? … Rupert wants all his children as close to him as they can possibly be but there’s no question at this point that the heir apparent is James.”

Would News Corp buy CBS? Its stock is falling like a rock.

“Somebody is going to buy CBS. Is it going to be News Corp? My bet would probably be Time Warner as the buyer for CBS.”

(Photo: Reuters)

August 8th, 2008

Murdoch book to drop in Feb ‘09

Posted by: Kenneth Li

wolff-murdoch-book.JPGVanity Fair media scribe Michael Wolff spent hundreds of hours with News Corp Chief Rupert Murdoch and the people who love and hate him, so you don’t have to.

The fruits of his labor — “The Man Who Owns The News: Inside the Secret World of Rupert Murdoch” — hits shelves Feb. 17, 2009 for $27.95.

Here are a couple of things we’d like to know (in no particular order):
* Just how many more Dow Jones employees he plans to hire for its global expansion?

* When is a purchase too good to pass up?

* Viacom’s Sumner Redstone’s got MonaVie. What’s Rupert’s secret?

* When will the WSJ run comics? (We love the sketches, but it won’t cut it for the kiddies.)

* Did he find his wedding ring?

From Random House: With unprecedented access to Rupert Murdoch himself, and his associates and family, Wolff chronicles the astonishing growth of Murdoch’s $70 billion media kingdom. In intimate detail, he probes the Murdoch family dynasty, from the battles that have threatened to destroy it to the reconciliations that seem to only make it stronger. Drawing upon hundreds of hours of interviews, he offers accounts of the Dow Jones takeover as well as plays for Yahoo! and Newsday as they’ve never been revealed before.

(Photo: Random House)