News just out:
News Corp. Withdraws Its Bid for Newsday
http://www.nytimes.com/...
Murdoch is overextended on MySpace, appears to have lost a billion on his China adventure:
News Corp was unable to justify outbidding Cablevision's $650 million offer from an economic perspective. The spokesman said the deal was "uneconomical."
The decision leaves two known contenders for Newsday. Besides Cablevision, Mortimer Zuckerman, owner of the New York Daily News, a rival city tabloid to Murdoch's New York Post, also bid $580 million for the paper.
New York Times
Murdoch acquired Star TV from a Hong Kong company in 1993 (Souchou, 2000:28) STAR TV (Asia) and created offices for it throughout Asia, including Singapore, China, India, Pakistan, Vietnam, etc. It is one of the biggest satellite TV networks in Asia. The strategy failed. Murdoch has now retreated from China after losing at least $US1billion.
http://en.wikipedia.org/...
Is it possible that Murdoch, who started his media empire on a shoestring and millions, if not billions, in borrowed money, has finally run out of gas?
I would presume that Mr. Zuckerman is still married to feminist shotshot Gloria Steinem -- and it would be a very interesting development if Zuckerman started building his own media empire.
The end of the News Corporation? The topmost news manufacturer in the world, outside of the U.S. Pentagon?