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Thursday, October 18, 2007

Ruport Murdoch:More Bad News For The New York Times

Money quote first:

When asked whether he was aiming to kill the New York Times, Mr Murdoch replied simply: "That would be nice."

Yesterday we showed reports of the second largest shareholder in the New York Times, dumping their stock as well as a two yr and five yr graph showing the decline of the NYT in recent years, as well as the reasons why.

Now we have Rupert Murdoch, who recently acquired the Wall Street Journal has some more bad news for the New York Times, via, The Guardian.

Rupert Murdoch has laid out drastic plans to shake up the Wall Street Journal and launch an assault on the mainstream American newspaper industry.

Mr Murdoch, who is set to complete his turbulent $5bn (£2.5bn) takeover of Wall Street Journal publisher Dow Jones later this year, last night said he wanted to move the newspaper beyond its financial roots and target mainstream competitors such as the New York Times.

"We have a lot of plans and a lot of ideas that need to be refined," he told a conference in San Francisco. "But I want to improve it in every way: in what it does now in finance to start with, but I also want to add more national and international news."

The 76-year-old head of News Corporation also said he would like to increase the newspaper's coverage of cultural issues, in order to take advantage of the advertising opportunities available from the likes of movie studios.

"I want to add major coverage of the arts, fashion and culture," he added. When asked whether he was aiming to kill the New York Times, Mr Murdoch replied simply: "That would be nice."

What Murdoch owns, Fox, Wall Street Journal and the New York Post to name just a few examples, are all thriving, while the New York Times is on the decline and has been for years, so it is within the realm of possibility that Murdoch can make the New York Times even more irrelevant than they already are.

The New York Post:

The New York Post is the 13th-oldest newspaper published in the United States and the oldest to have been published continually as a daily.Since 1976, it has been owned by Australian-born billionaire Rupert Murdoch's News Corporation and is one of the 10 largest newspapers in the United States.

His words about it being nice to kill the new York Times might end up being prophetic. We can always hope they are.

List of the quite impressive other assets owned by News Corporation [Rupert Murdoch], includes categories such as Film, Television, Cable, Magazines, Newspapers, Books and Miscellaneous.