Rupert Murdoch, pictured above sitting in a chair, is currently sitting on the proverbial "hot seat" in the UK, where public outcry forced the closing Sunday of the 168-year-old tabloid News of the World, when allegations of reporters hacking into people's cell phones proved true. Reporters and investigators of the tabloid and other Murdoch-owned papers in the UK intercepted messages of a murdered girl and other crime victims, as well as families whose sons and daughters had lost their lives serving in the nation's military.
As a result of the furor over the hacked phone messages, British politicians joined the fray by denouncing the publications and questioning whether to halt the sale of British Sky Broadcasting to News Corp. That proved unnecessary whe Murdoch withdrew his bid for the 61% of BSkyB News Corps. doesn't already own. In the last few days, News Corp.'s worth has decreased by $3 billion, approximately 7% of its total value. Worries about whether the scandal will spread to the US has made investors cautious about holding stock in the company and could cause further losses, if allegations that hacking reached across the Atlantic to US shores and 9/11 victims' families phones were breached also.
In 2007, Murdoch purchased the Wall Street Journal, which has always enjoyed a reputation for top-notch, ethical reporting. Let's hope it remains unscathed in the investigation that will certainly spread to the US. Three US Senators have already registered their complaints with the US Justice System. If only it would eventually close down Fox News, I would rejoice. Fair and balanced reporting--I think not. Tne News Corp. conglomerate has lost its way; that is, if it ever found its way in the first place. Mr. Murdoch must set stern guidelines that promote journalistic integrity and not profit, in order to gain public confidence, but that doesn't reflect his current MO. Perhaps he'll take this opportunity to announce his retirement and give us cause to rejoice.
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