Murdoch: The Decline of an Empire

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Number of Pages: 256

Myth has it that Rupert Murdoch was left with little by his father, but actually he inherited a relatively successful newspaper publishing operation. Murdoch was ambitious and the only way in which he could expand was by buying other papers. And the only way he could pay for them was by borrowing money. Within a few years of his father’s death, the debts of his company had rocketed. Murdoch’s penchant for expanding by borrowing is often the subject of comment, but in fact he owns relatively little of News Corporation, his mother and three sisters being substantial shareholders. The corporation’s heavy borrowing has worked as a strategy in several ways, such as profits financing expansion into other markets, the success of selling unwanted businesses for profit, “creative accounting” and in meeting the variation in the tax laws of different countries. The authors of this book examine the history of News Corporation and offer their conclusion that the net is now closing.