News Group Reputation Suffered Serious Damage To &Nbsp; Market Value Evaporated More Than 14 Billion Dollars.
It is reported that the independent directors of the news corporation are dissatisfied with the speed and measures of the management of the company to deal with the eavesdropping scandal and consider whether it is necessary to replace the management, including the chairman and CEO Rupert Murdoch.
On the 17 day, Rebecca Brooks, chief executive of news international, a news group, was arrested in London on suspicion of a hacking scandal. Before this, Les Hinton, chief executive of Dow Jone am Co, the same news group, also announced his resignation due to the hacking scandal.
The news of the world newspaper broke out in July 4th.
Eavesdropping door
"The incident is becoming more and more intense.
Affected by this, news group's listed shares in Australia fell 4.13% to 14.16 Australian dollars on the 18 day, but since the July 4th scandal of the eavesdropping scandal ended to 18, the stock price has fallen more than 16%, and the market value has evaporated 7 billion 574 million Australian dollars (about 8 billion US dollars).
Reputation is seriously damaged.
James Pastor, Professor of management at Boston University, said
Murdoch
News Corp.'s past "bullet in arms" shell is being destroyed, and its credibility and credibility of the company have been "riddled with holes".
Karel Enders, chief executive of Enders Analysis Ltd, a British media research institute, said people's trust in Murdoch's family management is collapsing. It is very difficult for the Murdoch family to restore credibility.
On the 5 th of this month, the British media broke the news that
News of the world
"For a long time, bribing police, eavesdropping on missing maidens, victims of terrorist attacks, and the voice mail boxes of the families of the British soldiers killed in the war aroused the anger of the British public and alerted the whole world.
In order to repair the image and restore credibility, news group "strong man broke arm", Murdoch helped Brooks and Xin ton to resign on the 15 day.
On the 16 day, a letter of apology signed by Murdoch came to all the British newspapers and periodicals under the news group.
On the 17 day, Murdoch once again published a sincere apology statement.
Among them, news international advertised: "for a company that boasts of considerable influence, our newspapers fail.
We apologize for this mistake, and this is only our first step, and the company is committed to change. "
In other words, Murdoch and his son James Murdoch are busy preparing for the 19 day hearing of the British Parliament Media Committee. They will face questions such as what role they play in the "eavesdropping" incident and what responsibilities should be held.
Market value evaporated
As of July 15th, news group's listed shares in New York have fallen by 13% since the scandal broke, closing at the lowest closing price in the past two years, and the market value has evaporated 6 billion 360 million dollars.
The Murdoch family owns 307 million stocks of news group, accounting for 38.40% of the shares in circulation.
In addition, because of the scandal of eavesdropping, News Corp lost the support of the British government and the community. Murdoch gave up the plan to hold British Sky Broadcasting Company at 7 billion 800 million pounds last week, and Murdoch turned into a phantom by expanding the profitable strategic pay TV business to hedge the risk of newspaper business.
Not long ago, News Corp was expected to get the approval of the British government to complete the acquisition of the remaining 60.9% stake in Sky Broadcasting Company.
News Corp. insiders say that as the situation worsens, Murdoch, the company's management and even the founder of the company, is faced with the risk of resignation.
Ed Miliband, the leader of the Labour Party, even called for the revision of the media ownership legislation in an attempt to press down the news group and reduce Murdoch's share in the British media market.
However, Charles Elson, a professor at University of Delaware, said that by holding most of the company's shares, Murdoch controls the majority of the voting rights of the board.
In the news group board, Lachlan Murdoch and James Murdoch served as directors of the company respectively.
"The fact is that news corporation is still Murdoch's business. He controls the company's stock and he can decide anything about the company."
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