FOX Loses $6.4 Billion

[petertribo]

One can easily see why the Mainstream Media wanted to keep the US Economy going at all costs:

LOS ANGELES — News Corp., the global media giant controlled by Rupert Murdoch, said Thursday it lost $6.4 billion in its most recent quarter because of a massive write-down in the value of its assets.

The New York-based company, which owns The Wall Street Journal and the Fox broadcast network, also forecast a 30 percent drop in operating profits for the fiscal year to June from a year ago, when it earned $5.13 billion.

The forecast was a sharp downgrade from November when it expected "low to mid-teens" percentage drop for the year.

News Corp. shares shed 55 cents, or 7.4 percent, to $6.90 in after-hours trading.

http://www.huffingtonpost.com/2009/0..._n_164463.html

Hopefully all these huge media conglomerates are leveraged just like the Banks and will implode. Then maybe we can return to a more free, decentralized and independent press.

[Slimprofits]

Re: FOX Loses $6.4 Billion

http://www.newspaperdeathwatch.com/

[GRG55]

Re: FOX Loses $6.4 Billion

One can easily see why the Mainstream Media wanted to keep the US Economy going at all costs:

http://www.huffingtonpost.com/2009/0..._n_164463.html

Hopefully all these huge media conglomerates are leveraged just like the Banks and will implode. Then maybe we can return to a more free, decentralized and independent press.

Might be hoping for a long time to come, unfortunately. A free, independent press requires an audience that is able to think critically and is interested in being informed.

That's an essential ingredient that seems to be missing in this celebrity-besotted, "brainless-mush-as-entertainment" age. The audience demands entertainment, and that's what the media conglomerates serve up.

This "age" has been a looong time in development. After I moved to take my first job after graduating in the 1970s I went 6 years before I bothered to purchase a television - FM radio broadcast stuff that was a lot more interesting and thought provoking than The "A" Team...:p

It's only gotten worse with the passage of time. Doesn't it seem absurd that even "reality" comes from a TV show now?

[Scott4139]

Re: FOX Loses $6.4 Billion

free, independent press? Supported by whom? Not sure what golden age you're referring to.

At least now we have all sides - we can all choose who we believe is independent.

Of course that is a threat to some "independent" news organizations.

[Southernguy]

Re: FOX Loses $6.4 Billion

Usually, crises serve to concentrate property, industries, land, etc.
Probably this time the same shall happen.
Look for Murdoch owning more media, not less