Murdoch Takes a Hit

Can Rupert Murdoch’s penchant for newspapers survive the recession? According to The New York Times, Murdoch’s News Corp recently wrote down $8.4 billion, including $3 billion on its newspaper unit, and its share price has fallen faster than its competitors. “In more vibrant economic times, investors and Wall Street analysts were more willing to look past Mr. Murdoch’s attachment to newspapers — the newspaper segment is now the company’s biggest single source of revenue, about 19 percent in the most recent quarter. But they find that a tougher chore these days, as other media struggle and newspapers suffer through their worst slump since the Depression.”