In lamenting the difficult business environment faced by traditional media — especially for the newspapers he says he cherishes — Wallace said, “You’re not seeing the decline of Fox News, baby!”
Rupert Murdoch’s media giant News Corp (NWS) disappointed Wall Street forecasts, bringing in earnings of 12 cents per share on $7.87 billion in revenue, while analysts expected 19 cents and $8.4 billion in revenue.
The company took an $8.39 billion asset write down on the reduced value of its TV stations and newspaper assets in this bleak economic environment, giving the company a total loss of $6.4 billion in the quarter.
And the outlook for 2009 is bleak: the company expects operating income to drop 30 percent in 2009 from 2008.
News Corp 1 year stock chart:
Is Fox News channel highly rated, and would the other news channels kill for their ratings? Yep. Is News Corp. suffering like other media companies? Yep.
Wallace said Fox News is doing great.
Fox News IS doing great.
Wallace said nothing about Fox News’ parent organization.
I work for a company that’s taken a bit of a downturn. My particular portion is doing fine — we’re making money, we’re hiring. No contradiction there.
And no contradiction in what Wallace said.
J.
Except Wallace made his comments in the context of the larger argument about the media biz, and the parent of Fox – News Corp. – is in the media biz.
Eh, I think Jay’s got a fair point. Wallace’s comment was pretty specific and the performance of News Corp doesn’t necessarily reflect on how Fox News is doing.
I clearly disagree.
LOL. Well, at the very least their film studio blow goats, too.
Eric, take it a bit further. I LOATHE what their TV network has done. “Fox — where good sci-fi goes to die.” They’ve killed more great shows than… well, it’s a lot.
J.
OMG I agree wit Jay Tea on something!
Seriously, dude. I’m so very excited that they left me with yet another cliffhanger ending with no resolution. 10 years of unresolved endings to great SF shows is what I call an awesome legacy.
Fine, but props to Rescue Me.