Looks like Rupert's News Corporation empire is crumbling. Despite all the shouting and Palin-talkin' and racisteering and Obamattacks, the poor man's stock has been diving for months, and today announced a humongous loss of $6.4 Billion. And he owns a third of the company!
News Corp. loses $6.4 billion in 2Q:
LOS ANGELES — News Corp., the global media giant controlled by Rupert Murdoch, said Thursday it lost $6.4 billion in its most recent quarter because of a massive write-down in the value of its assets.
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Murdoch, the chief executive who controls more than a third of the shares, blamed the bleak outlook on falling advertising revenue and the impact of weak consumer sentiment on DVD and book sales.
Of course the losses have nothing to do with giveaways like:
The top-rated cable news network is expected to announce as soon as Wednesday that O'Reilly has signed a new multi-year contract. The deal is estimated to be worth between $10 million and $12 million a year.
Or even worse:
Fox News, or Fixed News (as Keith Olberman likes to call it), renewed Sean Hannity's contract through 2012, a period that spans the next presidential election cycle, the Biased and Unbalanced TV network announced today.
Rupert's stock has "grown" in two years of gasbaggery from about $20 to below $7 (after hours today), and the CFO warns of 30% declines to come:
Chief Financial Officer Dave DeVoe told analysts Thursday that the company now expects that operating income will drop about 30% in fiscal 2009 from the $5.13 billion it reported for fiscal 2008