## it's just the beginning of the collapse of an empire as many of us predicted. Hacks at the NoTW & The Sun should think carefully-many have built enemies over the years with the craven writings and they will find loyalty to the Sun King is not returned..this could explain the slew of stories that appear under the moniker "by a staff reporter". Murdoch's News Ltd is headquarted in Delaware so that he can keep the books secret-but heads of huge superannuation funds who invested in News Corp are privately seething as they can't see the figures.

I'm attending a large American Australian Association dinner tonight in Sydney which honours Frank Lowy-owner of the huge Westfield Shopping Centre chain-the world's largest. Rupert and the PM Kevin Rudd will be there to pay homage. Last time an event was held to honour Lowy, Henry Kissinger flew into town to attend-he carries that sort of weight. I hope to lob a few question to Murdoch whose local scribes are attacking Rudd's bail-out proposals which are similar to Obama's but don't give enough to the big-end of town but instead are directed to infrasructure building-just as FDR's New Deal did.
**************************

Writing's on the wall for Rupert
With News Corporation set to report its 2008 first half results tomorrow (with Rupert back in Oz to conduct the analyst briefings) two of his company's major rivals have reported big falls in sales, earnings or huge losses.

The results from Time Warner and Disney put pressure on Murdoch and News Corp to cut asset values and own up to slumps in earnings from films, cable networks, Network and local TV stations, as well as lower returns from his global newspaper and magazine chains.

Reports in London say News is on the verge of revealing job cuts on its US and UK Newspapers -- the Financial Times said the Wall Street Journal will remove 25 positions, or 3%, of its editorial staff and News International, whose papers include The Times, Sunday Times and The Sun, is in the final stages of an efficiency review conducted by Boston Consulting. It could cut up to 50 jobs, or some 2.5% of its staff.

www.crikey.com.au/Media-Arts-and-Sports/...wall-for-Rupert.html

The News Corporation, the media company controlled by Rupert Murdoch, reported a loss in the quarter of an $8.4 billion write-down on Dow Jones & Company and other assets, as the recession dragged down advertising revenue.

Excluding the impairment charge, the media conglomerate said on Thursday its profit was 12 cents a share for the second quarter that ended Dec. 31, missing the average analyst forecast of 19 cents, according to Reuters Estimates.

Company shares fell 2 percent to $6.79 in after-hours trading after closing at $6.94.

http://www.nytimes.com/2009/02/06/business/media/06news.html

and so it begins....

Grim news for Murdoch
Miriam Steffens
February 6, 2009 - 8:54AM
Rupert Murdoch's global empire has reported a massive $US6.4 billion ($9.8 billion) net loss for the second quarter as it was hit by the downturn in advertising demand and booked an $US8.4 billion pretax write-down of the value of its television stations, newspapers and other businesses.

business.smh.com.au/business/grim-news-f...h-20090206-7z74.html