Father and son split on tactics in Murdoch family drama

[xchrom]

http://timesofindia.indiatimes.com/world/uk/Father-and-son-split-on-tactics-in-Murdoch-family-drama/articleshow/9220997.cms

Rupert Murdoch's News Corporation announced on Wednesday that it was withdrawing its $12 billion bid to buy complete control of the satellite giant British Sky Broadcasting, a move intended to calm the torrent of derision directed at the company since journalists at its British newspapers were implicated in a widespread phone-hacking scheme.

Whether or not the announcement will give the company any respite from the growing indignation and official investigations, it seems to have already altered not only the dynamics within one of the world's most powerful and profitable media companies but also, possibly, the future of the newspaper business within the News Corporation.

The decision to withdraw the bid for BSkyB, as the satellite broadcaster is known, was made as a contentious family drama played out in recent days. James Murdoch, a leading contender to replace his father as chairman and the driving force behind the News Corporation's bid to take over BSkyB, argued that the company should press for regulatory approval of the deal, said three people with knowledge of the discussions who declined to be identified because they were revealing confidential company deliberations.

But Rupert Murdoch and the News Corporation's chief operating officer, Chase Carey, overruled the younger Mr. Murdoch, consulting him only after the decision was all but final.

[keopeli]

1. This is the 'tip of the iceberg' with the drama going on in that family right now

News Corp has a hard enough time making money off a declining industry that's expensive to maintain. All the juice their stock gained from the BSkyB possibility is gone, not to mention scared advertisers. It will take years to recover enough that scared stockholders will want to be bullish again.

Murdoch, Jr. is watching his life's work go down the drain with possible criminal charges using laws his company trumped up over the past decade. Karma's a bitch sometimes.

That daddy Murdoch is 80 and in declining health while Jr. is on the edge of inheriting it all...doesn't help. lol

[malaise]

2. I'm lovin' it

I hope they eat each other

[Javaman]

3. Sure, go ahead robert, press on!

keep digging that hole. It only will get deeper.

[intaglio]

4. I believe there is also a £37 million penalty

that has to be paid to BSkyB by News Corp for the withdrawal/failure of it's bid.

I feel so sorry for Rupe


:sarcasm: