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The Media Australia Businesses The Almighty Buck

News Corp Australia Doesn't Want You To Look Closely At Their Financials 132

Posted by timothy
from the but-they're-australian-dollars dept.
Presto Vivace writes with news of an embarrassing discovery for Rupert Murdoch's News Corp about the company's financial state, which might draw less attention if News Corp hadn't tried to prevent people from using the information: "The existential crisis that has gripped Rupert Murdoch's Australian arm began with a rude discovery just after 2pm on Wednesday afternoon. The Crikey news website had stumbled across some of News Corp's most intimate lingerie, and had just put it all up on the the net. ... The 276-page document is called the Blue Book, a weekly and year-to-date rundown of results at June 30, 2013 for every News Corp business in the country. ... The great newspaper engine which was Rupert Murdoch's original springboard to take over the world was already under stress. In 2013, 70 per cent of its earnings disappeared, leaving operating income precariously balanced at $87.6 million. As Crikey pointed out, trying hard not to gloat, another year even half as bad as 2013 could put News Australia into the red." Crikey took the documents off line after legal threats, but it seems not before business reporters all over the world had a chance to download them."
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News Corp Australia Doesn't Want You To Look Closely At Their Financials

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  • New for Nerds? (Score:1, Insightful)

    by Anonymous Coward on Sunday August 24, 2014 @08:20PM (#47744475)
    Why is this on slashdot? It's nothing.
  • Re:New for Nerds? (Score:5, Insightful)

    by WillKemp (1338605) on Sunday August 24, 2014 @08:40PM (#47744579) Homepage

    It's not nothing. It's a glimmer of hope for us here in Australia, that that piece of shit Murdoch could eventually lose his near monopoly in Australian newspapers - and, therefore, a significant part of his ability to manipulate the government. And not before time.

  • Re:Here's why (Score:0, Insightful)

    by Anonymous Coward on Sunday August 24, 2014 @08:56PM (#47744661)
    It's getting close to an election season in the US. Slashdot will be a left wing blog with posters screaming and swearing at each other for the next couple of months.
  • Re:Good! (Score:4, Insightful)

    by Anonymous Coward on Sunday August 24, 2014 @09:02PM (#47744705)

    People who are angry live shorter lives. This with clean consciouses live longer.

    If he is a sociopath, he does have a clean conscience.

  • by ShanghaiBill (739463) on Sunday August 24, 2014 @09:39PM (#47744879)

    News Corp is a corrupt corporation [nakedcapitalism.com].

    It is also a public company (Nasdaq:NWS) and, as such, is required to publicly disclose financials. Hiding financial information, and misleading investors, is illegal.

  • by Charliemopps (1157495) on Sunday August 24, 2014 @10:02PM (#47744953)

    News Corp is a corrupt corporation [nakedcapitalism.com].

    It is also a public company (Nasdaq:NWS) and, as such, is required to publicly disclose financials. Hiding financial information, and misleading investors, is illegal.

    There are very specific rules they have to follow and simply claiming they need to reveal all financial information to the public is pretty much false. I'm not going to disagree with the idea that news corp isn't really news... they're an entertainment company that tells a certain group of people what they want to hear... and makes a lot of money doing it. But this whole notion that they're some sort of evil empire secretly controlling peoples minds? It's a joke... they don't need to convince their viewers of what they're showing them... that's how those viewers already saw the world and Newscorp is playing to that crowd.

    All people, everywhere, no matter what political view they have, will search out information that re-enforces their own world view. And make no mistake, we are all wrong. Every single one of us. I've heard just as much ridiculous misguided nonsense come out of left as I've heard come out of the right.

  • Re:New for Nerds? (Score:2, Insightful)

    by Anonymous Coward on Sunday August 24, 2014 @10:10PM (#47744979)

    A good percent of the reason why there are repulsive idiots in power in Western democracies is due to Murdoch.

    It's stuff that matters.

  • by RogueWarrior65 (678876) on Sunday August 24, 2014 @10:16PM (#47745003)

    Pretty much every comment on this story is troll-worthy flamebait. Shouldn't the story itself be modded down accordingly?

  • by ShanghaiBill (739463) on Sunday August 24, 2014 @11:08PM (#47745197)

    claiming they need to reveal all financial information to the public is pretty much false.

    Nobody claimed that. They do need to disclose basic financial information, and hiding a 70% drop in earnings from public shareholders is almost certainly illegal.

    All people, everywhere, no matter what political view they have, will search out information that re-enforces their own world view.

    Not true. I make a specific effort to listen to news sources that conflict with my world view. I know others that do the same. I tend to lean libertarian, but get most of my news from PBS and NPR which tend to view government and collective social action as the solution to most problems.

  • by MobSwatter (2884921) on Monday August 25, 2014 @12:29AM (#47745469)

    If they have nothing to hide, then they have nothing to fear...

  • by Anonymous Coward on Monday August 25, 2014 @12:34AM (#47745487)

    Sure, some will cook them this way (certainly not unheard of), but as the parent post was indicating it is not the typical way to cook prawns here in Australia.

    When we have a barbecue we'll stick anything on them, but typically, prawns are cooked in the kitchen and not on the barbecue.

    I like mine pan fried in butter and garlic.

    Shrimp is something we use for fish bait.

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