Tuesday, July 19, 2011

Terry Smith: Inside the Temple of Doom*

When I arrived, the News Corp building in Midtown was under siege from TV crews and reporters. News Corp has clearly committed the mistake of itself becoming the story which it has to report on.

The interviewer from Sky demonstrated a blatant pro Murdoch bias.

I posed the question to her that I am the CEO of a public company. If I had indulged in the following:

1. Paid >$500m for MySpace and then sold it for $35m;
2. Paid $5.7bn for Dow Jones and written off $2.8bn;
3. Paid $615m for my daughter's business;
5. My company’s shares had underperformed for 15 years;
6. And some of my staff had engaged in criminal phone hacking and bribing Police officers and this had been covered up by my management.

I think the shareholders would have had me fired.

So I asked, why hasn't Murdoch been fired?

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