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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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  • by Dutchmaan (442553) on Sunday August 24, 2014 @08:08PM (#47744425) Homepage
    "Don't look at my financials... nothing to see here!!!! seriously go away!"
      • 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.

          • by crafty.munchkin (1220528) on Sunday August 24, 2014 @10:44PM (#47745097)
            You clearly aren't aware that in Australia, News Corpse has about 70% market share.
          • 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 cryptolemur (1247988) on Monday August 25, 2014 @03:12AM (#47745897)
              In a free market society they would have to disclose all information, of course. Otherwise the market would not work properly, because the consumers could not make well informed decision...
            • 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.

              I don't know how your answer is insightful. Your reasoning does not invalidate the GP post. Your answer is that you search out for information of the opposite side of your world view which has nothing to do with the GP statement. Do you search out for information of the same world view side you are viewing? If you never and will never do it at all, then you may say that it is not true; otherwise, I still see that the GP statement stands.

              Also, to me, even though the post implies relation to politic, the G

          • by s.petry (762400)

            But this whole notion that they're some sort of evil empire secretly controlling peoples minds? It's a joke...

            Willful ignorance, got it. Controlling media to shape society by providing fabricated opinion is not new. Adam Weishaupt wrote all about this technique back in the late 1700s for exactly the purpose of controlling Governments by controlling citizen opinions. If you are trying to claim that media is public therefor can't be secret, you should really try harder to understand that the opinions and fact that they are used to shape society is what is "secret". You can read documents from the CFR to see direc

        • goodness gracious me, I had not thought of that.
    • by QRDeNameland (873957) on Sunday August 24, 2014 @08:46PM (#47744607)
      Personally, I would have gone with "Put another shrimp on the barbie Streisand, mate."
    • Any news that is bad for Rupert Murdoch is good news for the world.

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

    by Anonymous Coward
    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.

      • by Anonymous Coward
        Indeed. Any bad news for Murdoch is good news for humanity. He's a walking, talking plague.
      • by godel_56 (1287256) on Sunday August 24, 2014 @09:14PM (#47744769)

        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.

        With our luck, he'd probably sell the papers to Gina Rinehart. :-(

    • by Anonymous Coward

      Why is this on slashdot?

      Because it was posted by Timothy, and it involved a website, and websites are served by computers, so it must be "News for Nerds"

    • Re: (Score:2, Insightful)

      by Anonymous Coward

      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.

  • Didn't they have enough money to try to purchase Time Warner just a few months ago?
  • Not Unexpected (Score:5, Interesting)

    by TranquilVoid (2444228) on Sunday August 24, 2014 @08:28PM (#47744523)

    It's hardly surprising for a company to hold its financial results close to its chest, but this is made more delicious given how much time they spend pointing out the downsizing of rival Fairfax Media.

    Fairfax papers, especially, have suffered from the internet while News Corp has soldiered on, but it was only a matter of time. Being more left-wing, Fairfax's demographic is younger and more inclined to embrace new technology. As they age, and likely become more conservative, they will still consume news online rather than return to dead tree papers.

  • Good! (Score:4, Interesting)

    by GrahamCox (741991) on Sunday August 24, 2014 @08:33PM (#47744545) Homepage
    Couldn't happen to a nicer bunch of cunts. The sooner they go down the toilet the better for the country.
    • by WillKemp (1338605)

      I'm waiting for that arsehole Murdoch to die - but given that his mum lived to over 100, i'm not holding my breath!

      • by drfred79 (2936643)
        People who are angry live shorter lives. This with clean consciouses live longer.
        • 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 WillKemp (1338605)

          I don't think Murdoch's got much cause to be angry - he gets his way in pretty much everything. He's just a cynical, manipulative, evil scumbag. And i'm quite sure he's more than happy to be that way.

        • by Sasayaki (1096761)

          The problem is, if he's a sociopath he sleeps like a baby every night.

        • by amiga3D (567632)

          Mean people never die, they just nasty away.

  • by jonwil (467024) on Sunday August 24, 2014 @08:47PM (#47744613)

    Does this stuff say anything about the performance (good or otherwise) of Rupert's other big Australian media asset, Foxtel?

  • I'm pretty sure I heard this years ago. Murdoch has been subsidizing his original paper out of nostalgia. What a non-story though. They only made multi-millions and if they keep only making multi-millions, one day, in the far future, they could possibly go in the red. The government does that every day.
  • Couldn't have happened to a bigger asshole. Don't wish to see people out of work but I would love to see that prick poor.
  • by westlake (615356) on Sunday August 24, 2014 @09:16PM (#47744777)

    Successful entrepreneurs are notoriously unsentimental.

    To put things in perspective:

    On May 2, 2014, News Corp acquired romance novel publisher Harlequin Enterprises from Torstar for $415 million. The deal closed On August 1 2014.

    News Corp [wikipedia.org]

    Harlequin Enterprises Limited engages in the publishing and sale of books for women worldwide. The company publishes printed and electronic books in various languages in the areas of romance, fiction, nonfiction, young adult novels, erotic literature, and fantasy. The company was founded in 1949 and is based in Don Mills, Canada with additional offices in Toronto, New York, London, Tokyo, Milan, Sydney, Paris, Madrid, Stockholm, Amsterdam, Hamburg, Athens, Budapest, Granges-Paccot*, Warsaw, Rio de Janeiro, Mumbai, and Istanbul.

    Company Overview of Harlequin Enterprises Limited [businessweek.com]

    Harlequin will become part of News Corp's HarperCollins group.

    -----
    * - Granges-Paccot is a municipality in the district of Sarine in the canton of Fribourg in Switzerland. [I just had to look this up,]

    • by grcumb (781340)

      Harlequin Enterprises Limited engages in the publishing and sale of books for women worldwide. The company publishes printed and electronic books in various languages in the areas of romance, fiction, nonfiction, young adult novels, erotic literature, and fantasy. The company was founded in 1949 and is based in Don Mills, Canada with additional offices in Toronto, New York, London, Tokyo, Milan, Sydney, Paris, Madrid, Stockholm, Amsterdam, Hamburg, Athens, Budapest, Granges-Paccot*, Warsaw, Rio de Janeiro, Mumbai, and Istanbul.

      Company Overview of Harlequin Enterprises Limited.... [businessweek.com]

      -----
      * - Granges-Paccot is a municipality in the district of Sarine in the canton of Fribourg in Switzerland. [I just had to look this up,]

      I'm going to take a wild guess and speculate that the Swiss arm of the business is curiously profitable. Swiss people just LOVE romance novels. Profitable ones especially.

  • 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 Harlequin80 (1671040) on Sunday August 24, 2014 @10:46PM (#47745105)

    This is neither really news or particularly surprising. The News behemoth went through a restructure recently which pushed all its low performing assets into a different vehicle. Basically Rupert is in love with newspapers and he continues to support them even though the ROI is not there. When he leaves expect the papers to disappear as well.

  • I'd love to see Murdoch go down in flames, but this wont be the cause.

    However, he's ancient, he'll be dead soon anyways. He looks like a turtle that has crawled out of its shell, tick tock Murdoch, TICK....TOCK.

  • by BeCre8iv (563502) on Monday August 25, 2014 @01:17AM (#47745613)
    Journos that would hack the voicemail of a child murder victim.
  • I'm surprised no one else pointed out, but this coincides directly with the timing of their paywalls. The paywalls on Murdoch's sites went up early 2013. TFA says that it's primarily a drop in advertising revenue, so is this proof that paywalls result in a loss of money, due to a loss of advertising incoming. I know personally I have stopped visiting the Courier Mail website due to the paywall.
    • by Zanadou (1043400)

      Add the following rule to AdBlockPlus:

      ||fairfax.com.au^

      Result: no more paywall for all Fairfax sites. The paywall's not terribly sophisticated.

  • by Anonymous Coward

    I haven't visited /. for years as I moved away from technology however I saw this in my newsfeed and gave it a look.

    What happened to the site which used to have one of the most decent commentary sections on the Internet?

    Left, right or other didn't used to matter, the facts would be laid out and debated intelligently, it would have never been reduced to this sort of bickering, troll bait comments that are full of lies.

    Such a shame this place has been reduced to just another site full of the same.

    (Wonder what

  • That this impacts Fox news in the United States. Hopefully it won't touch the entertainment side as a few shows I like are in fact Fox Network properties.
    • by amiga3D (567632)

      Nah, FOX News is safe. It's a cash cow anyhow, they use it to prop up the newspapers and such that lose money.

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