Octogenarian media mogul
At Murdoch’s urging,
Without this step, the likely scenario was that the newspapers would be sold off about 10 minutes after news of Murdoch's death. Too many shareholders saw the publishing side as a drag on the company and harbored no feelings of nostalgia about print media. Murdoch still believes his newspapers can weather the current slump in the business of journalism, and now they will have a chance to give it a good shot. Besides having the support of the investors who are sticking with News Corp, the newspapers will start fresh with no debt and a $2.6-billion operations and acquisitions fund.
The TV and film divisions have accounted for 85% of News Corp revenues in recent years. The publishing side, meanwhile, has been on a steady slide. Murdoch has saved the newspapers from a premature death. Now the world will see if they can do more than totter along to an eventual demise.