By Barry Tucker 22 August, 2014
News Corp newspapers are leaking cash like a sieve, according to internal documents leaked to Crikey.com.
News Corp executives are not happy with this headline news, threatening to sue anyone who quotes from the leaked docs.
Twitter folk and Facebook fans had a field day with the news; many of them eager to hear about the last edition of Murdoch Press.
So did the opposition Fairfax Media’s Rear Window, reporting in The Australian Financial Review: The day that News went into Chernobyl mode, along with a naughty cartoon of some very exposed News Corp execs.
Crikey’s Business Editor, Paddy Manning, broke the news on Wednesday: Exclusive docs show News’ Australian papers dragging down the empire.
Crikey.com later followed up the shock horror news under the title: How The Australian was protected from the cuts.
The documents Crikey.com used related to 2012-2013 financial results and News Corp reckons things have turned around since then. But Crikey’s Business and Media Editor Glenn Dyer asks have they?
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Update, 25 August, 2014
The ABC News website reports that, following legal pressure, Crikey.com has agreed to destroy the documents it used for the story on News Corp’s Australian newspaper losses.
In that story, media academic Associate Professor David McKnight says News Corp is being “extraordinarily hypocritical”.
“Coming from a media company that frequently publishes leaks, you really only have to imagine what News Corp would do if they had their hands on an equivalent document on Fairfax’s internal operations. It would be spread all over the front page with half a dozen gloating articles inside,” he said.
In an interview with the ABC’s Eleanor Hall this morning, ex-CEO Kim Williams, who parted company with News Corp a year ago, denied he was the source of leaked details of the company’s financial losses.
Williams’ book, Rules of Engagement, about to be serialised by News Corp competitor Fairfax Media, talks about hatred of him within News Corp. He says the company is failing to meet the challenges of the digital age.
In other news, Ian Verrender asks Is the age of the Press baron over?, with further references to Williams and News Corp.