MURDOCH ENDORSES CHASE CAREY FOR CEO OF NEWS CORP

Rupert Murdoch endorses Chase Carey for CEO of News Corp.But James Murdoch
hasn't been completely cut off.Rubert Murdoch declares he has full confidence
in James, leaving the door open for him to possibly become CEO in the future.
News Corp's board has been criticized for being crammed with kith and kin.

Media moguls are often right; that's how they got to be moguls. But many
companies today operate like Russian nesting dolls, where one large figure is
actually made up of many smaller ones.These organizations present a unified
face to the outside world, but rely heavily on other, usually smaller, companies
or external individuals to conduct many of their activities.That's exactly the
Achilles Heel of media moguls!hack into the phones of select individuals.That these hackers seem not to be
News of the World employees illustrates the Russian nesting doll model, which
contains the seeds of moral hazard, since it allows for the plausibility of
denial.While we readily recognize such a hazard in the food and apparel
industries and the need to secure all elements of their production chain, most
other industries have yet to recognize such a hazard.

Murdoch expresses his regret about the phone hacking revelations.He is
disappointed that the scandal forced the company to drop its bid for full
control of UK satellite TV company BSkyB.A media mogul controls his company.His company controls much of a market. He
hungers for influence in politics and society.He lusts for attention.He is
narcissistic and vane.He knows only his strengths, but not his weaknesses.He
inspires endless anecdotes about his ego.Murdoch, Maxwell, and the Hearsts,
when they still managed, fit those criteria.Rupert Murdoch is the last media
mogul, a breed nesting dolls are responsible for killing in an act of mogulcide!

News Corp shows a profit from continuing operations of $982 million, up from
$902 million a year ago.News Corp expects its full year operating income to
increase in fiscal year 2012 by mid teens percentage points.Revenue rose 12% to
nine billion dollars, helped by advertising sales and fees at Fox TV and its
cable networks.Movie profits rose 60% thanks to animation hit Rio and home
entertainment sales of Black Swan and The Chronicles of Narnia.

Media moguls are soon to be extinct, for many reasons.Media institutions' lock
on content creation and distribution is over.The risk and cost of starting new,
large-scale media properties is too great.Control of scarcity in closed markets
led to moguls' and conglomerates' consolidation; now, in an abundant economy,
what used to be their a*sets are now their liabilities.

In the media business, news items require fair and secure sourcing, despite the
fact that a freelancer small doll may be crafting the story.But at the
News of the World, the people who were asked to hack the phones were apparently
hired by journalists, but were not journalists themselves.This gave them the
freedom to obey norms different from those of their employers.Needless to say,
journalists are not supposed to act illegally.

There you could see Murdoch's advantage and disadvantage.He let his trusted
managers do as they pleased, but they tried to please him.That's the argument
in favor of his direct culpability in the hacking scandal.He fostered a
seat-of-the-pants culture where people didn't have to be told to go too far,
where, as he demonstrated before Parliament, the Murdochs themselves do not take
responsibility.But that's over now. Murdoch has lost the influence his
newspapers gave him.He may lose control of his company.His heirs will not take
it over.The mogul is extinct.God save the Queen!
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