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Friday, February 06, 2009

The law of unintended consequences strikes again

Posted by Jill | 5:42 AM

Somehow I don't think Rupert Murdoch banked (heh) on this when he decided to devote his news empire to the perpetuation of Republican power and their now-shown-to-be-utter-horseshit "free market capitalism"

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.

So how's that wingnut propaganda thing workin' for ya, Rupe?

Labels: economic death watch, Rupert Murdoch, wingnuttia