SYDNEY - The birthplace of Rupert Murdoch's media empire, News Corp's Australian business, is shaping up as a trouble spot for the global firm, following a billion dollar writedown and a move to stop printing more than 100 regional newspapers.
"You couldn't engineer more pressure, I don't think, than what Foxtel is under at the moment," said a person with direct knowledge of the company's Australian strategy, speaking on condition of anonymity."The business should have moved much more aggressively into the streaming space than it did." "No media company is in a stronger position to face the uncertainties of the digital age than News Corp. We have incredible strength in print with publications such as The Wall Street Journal, the Sunday Times, The Australian and our dailies in Australia," he said."Our company began in Australia and Australia remains a critical part of our future.
News Corp owns 65 per cent of Foxtel - paying about A$2 billion in 2012 for an extra 25 per cent stake, implying a total value of around A$8 billion - while Telstra holds 35 per cent. "I've had a view it's worth nothing for a long time," said Rhett Kessler, a principal at Pengana Australian Equities, a top-20 shareholder of Telstra.News Corp declined comment beyond Murdoch's statement. It has said a new streaming service, Binge, will capitalise on Australians' appetite for content during prolonged periods at home due to the coronavirus response.
Accelerating change in Australia may fall to Lachlan, 48, when Murdoch senior cedes control, analysts and people with knowledge of the company say, with the company taking a more commercially focused approach.
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