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.
News Corp is many things to many people. Its latest incarnation? Pinata.
Everyone is taking a whack at Rupert Murdoch’s international media empire these days as its stock languishes and it gets ready to report second-quarter financial results on Thursday. Newspaper advertising revenue is falling, the movie season hasn’t looked so hot so far, MySpace is unlikely to friend Facebook, the euro and the pound are hurting European operations, DVDs are dying and cable networks revenue doesn’t look like it will be able to compensate.
The story of rich billionaires buying troubled newspapers is one that has been told before, but never with headlines that practically nod and wink at you like this one from the Financial Times:
from Summit Notebook:
We and the rest of the media world that covered News Corp and Rupert Murdoch's acquisition of Dow Jones & Co had no shortage of reporters at The Wall Street Journal telling us how bad life was going to get. Among the complaints was the paper's increasing focus on politics and non-business news. Wasn't this "diluting the brand" as they say in mediaspeak?
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.
The video website owned by News Corp and NBC Universal is apparently thinking of expanding to Britain, France, Germany and Japan. But don’t get too excited. Peter Smith, president of NBC Universal International, told a conference that while Hulu would love to push out its boundaries, there aren’t yet any concrete plans.