Rupert Murdoch's profits have just dropped off a cliff.

Extraordinarily bad profit news for Rupert Murdoch's News Corp, but he already thinks he's found a solution...
Right so it’s tiny violins time folks, let’s start the weeks with a good news story we can all get behind and celebrate the Rupert Murdoch grift finding itself more hard up than ever before. I mean he’s hardly hard up, but if anyone deserves to take a kicking in the wallet, surely it must the sentient testicle passing itself off as a newspaper proprietor. Making this news even better is the fact it’s not just his UK ‘news’ outlets contributing to the losses, it’s global. Everyone. No matter where they are from, is sick and tired of the poison he pushes on paper or anywhere else. So what’s the damage then Damo? Well, News Corporation, which is the umbrella company for all of Murdoch’s global outlets, from Fox News, The Australian, The Scum, The Times, New Scientist magazine, publishers Harper Collins, Talk TV and Radio and all the rest are down over the last year by a massive 75%. It still means profits for the last year of $187m were made, but when you consider the talking ballsack made $760m just the year before, it’s a pretty massive tanking. So what has led to it then? Well the losses aren’t being created per se in the US, but more here in the UK and Australia and it was actually advertising revenue that they lost more than anything else and this is interesting because people at News Corp, notably the chief executive, a guy called Robert Thomson said things picked up in the second half of the last year as inflation abated and interest rates flatlined and that surely is meant to imply it is sales and people not buying their horrid products because they’re having to cut back that is at fault? Well advertisers would feel that too, but given the cost of living crisis we’re living through you don’t tend to think of them and they certainly weren’t mentioned by Thomson. At any rate, it is they apparently, that are responsible for the drop off, recording lower print advertising here in the UK and lower print and digital advertising in Australia. Now let’s assume it is the cost of living crisis hitting the advertisers too for a moment though and just in these two countries, America has felt it too, of course, but let’s just take the UK and Australia on their own. If it was just interest rates rising and inflation, would that really account for a 75% loss for Murdoch? If so, boycotting the advertisers of his hateful outlets seems the obvious way to put News Corp out of business, clearly they’re utterly reliant on ads to exist, far more so than us buying the rags, though of course that becomes part of it too insofar as advertisers wouldn’t advertise if people didn’t see the ads.

►SOURCES:
https://www.theguardian.com/media/2023/aug/11/profits-dive-at-news-corp-as-media-group-hints-at-ai-future-plans-rupert-murdoch
https://www.theguardian.com/media/2023/aug/01/news-corp-ai-chat-gpt-stories
https://www.msn.com/en-gb/money/other/news-corp-profits-plunge-75-but-media-giant-hails-opportunity-of-ai/ar-AA1f8FJQ

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Hi, I'm Damien Willey. I'm a former welder, but now I'm a writer, blogger, vlogger and presenter and interviewer with Socialist Telly (Please do go and visit what we all get up to on https://www.youtube.com/c/SocialistTelly)
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