Rupert Murdoch’s News Corp Sees Profits Plummet by Colossal 75 Percent
The New RepublicNov 01, 2022
The Facts
On Thursday, media giant News Corp revealed that profits this year had fallen 75%, with their net income falling to $187M on June 30, less than the $760M in profits the company raked in last year.
The company did, however, beat quarterly earnings estimates thanks to cost-cutting measures. CEO Robert Thomson revealed the company was staking its hopes on generative artificial intelligence (AI), calling it a "remarkable opportunity."
The Spin
Left narrative
One of the great exporters of far-right politics and low-quality infotainment, Rupert Murdoch's media empire is slowly but surely crumbling. His promotion of toxic political causes has finally forced consumers away from his products. However, we ought to be concerned about the potential damage an AI product could do if they create a generative model based on their noxious journalism.
Right narrative
While there will no doubt be glee in some circles at this news, Murdoch's other conglomerate, Fox News' owner Fox Corp, has been doing just fine, even after the departure of its star anchor Tucker Carlson. News Corp's woes are due to market fluctuations, with the public still enjoying Murdoch's products in spite of the haranguing leftists who think they can dictate what media they can and cannot enjoy.