Word: murdoch
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Dates: during 1980-1989
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Television and newspaper historians, take note: the date that Australian Press Baron Rupert Murdoch, whose holdings span three continents, set in motion the negotiations that would alter his empire (not to mention his passport) is March 28, 1985. Murdoch was paying his first visit to the Hollywood studios of 20th Century-Fox, half of which he had just bought from Denver Oil Tycoon Marvin Davis. As it happened, John Kluge, the billionaire chieftain of Metromedia Inc., was also on the lot that day to attend an investment conference...
...also climbed sharply. At week's end CBS had gained 20 1/4, to 108 3/ 4, and RCA, parent of NBC, had risen 4 7/8, to 42 7/8. Newspaper publishers Gannett and Knight-Ridder were up too, as was the stock of Chicago's Tribune Co. Australian Publisher Rupert Murdoch, whose properties include the New York Post and New York magazine, added even more zest to the media merger mania: he offered $250 million for half the shares of 20th Century-Fox Film Corp. (see SHOW BUSINESS...
...turn things around. But meanwhile the losses keep on mounting: $85 million in the last fiscal year, $12.4 million in the last quarter for which there are figures. So what does this desperate tycoon do? He sells half the shop to an Australian press baron, whose very name, Rupert Murdoch, causes grown men to shiver with fear and occasionally loathing. The studio is saved...
...rescue comes Murdoch, who will invest $250 million. What he will receive beyond his 50% of the company is hard to say, but he is already the subject of intense speculation, particularly at Fox, where executives who have never met him are already talking about "Rupert." Some industry observers, who have watched him buy newspapers (the New York Post, the Chicago Sun- Times, the Times of London, among others), magazines (New York) and TV outlets in Europe and Australia, say that he relishes a role in running his acquisitions. "Normally, when you have an egomaniac, or, to be polite...
During 1984, however, daily circulation jumped 23.6%, to 457,000, and advertising grew to 33% of the total page space (compared with 28% three years ago). Indeed, Murdoch now projects that the Times will go into the black by June, for the first time since...