Activities in The United States
Murdoch made his first acquisition in the United States in 1973, when he purchased the San Antonio Express-News. Soon afterwards, he founded Star, a supermarket tabloid, and in 1976, he purchased the New York Post. On 4 September 1985, Murdoch became a naturalized citizen to satisfy the legal requirement that only US citizens were permitted to own US television stations. This resulted in Murdoch losing his Australian citizenship.
Marvin Davis sold Marc Rich's interest in 20th Century Fox to Murdoch for $250 million in March 1984. Davis later backed out of a deal with Murdoch to purchase John Kluge's Metromedia television stations. Murdoch went alone and bought the stations, and later bought out Davis' remaining stake in Fox for $325 million. The six television stations owned by Metromedia would form the nucleus of the Fox Broadcasting Company, founded on 9 October 1986, which would go on to have great success with programmes such as The Simpsons and The X-Files.
In 1987 in Australia, he bought The Herald and Weekly Times Ltd, the company that his father had once managed. By 1990 News Corporation had built up debts of $7 billion (much from Sky TV in the UK). forcing Murdoch to sell many of the American magazine interests he had acquired in the mid-1980s. In 1993, it took exclusive coverage of the National Football League (NFL) from CBS and increased programming to seven days a week. In 1995, Murdoch's Fox Network became the object of scrutiny from the Federal Communications Commission (FCC), when it was alleged that News Ltd.'s Australian base made Murdoch's ownership of Fox illegal. However, the FCC ruled in Murdoch's favour, stating that his ownership of Fox was in the best interests of the public. That same year, Murdoch announced a deal with MCI Communications to develop a major news website and magazine, The Weekly Standard. Also that year, News Corporation launched the Foxtel pay television network in Australia in partnership with Telstra. In 1996, Murdoch decided to enter the cable news market with the Fox News Channel, a 24-hour cable news station. Ratings studies released in 2009 showed that the network was responsible for nine of the top ten programs in the "Cable News" category at that time. Rupert Murdoch and Ted Turner (founder and former owner of CNN) are long-standing rivals. In late 2003, Murdoch acquired a 34 percent stake in Hughes Electronics, the operator of the largest American satellite TV system, DirecTV, from General Motors for $6 billion (USD). His Fox movie studio would go on to have global hits with Titanic and Avatar.
In 2004, Murdoch announced that he was moving News Corporation headquarters from Adelaide, Australia to the United States. Choosing a US domicile was designed to ensure that American fund managers could purchase shares in the company, since many were deciding not to buy shares in non-US companies. Some analysts believed that News Corporation's Australian domicile was leading to the company being undervalued compared with its peers.
On 20 July 2005, News Corporation bought Intermix Media Inc., which held Myspace, Imagine Games Network and other social networking-themed websites, for $580 million USD, making Murdoch a major player in online media concerns. In June 2011, it sold off Myspace for US$35 million. On 11 September 2005, News Corporation announced that it would buy IGN Entertainment for $650 million (USD).
In May 2007, Murdoch made a $5 billion offer to purchase Dow Jones. At the time, the Bancroft family, who had owned the Dow Jones for 105 years and controlled 64% of the shares at the time, firmly declined the offer, opposing Murdoch's much-used strategy of slashing employee numbers and gutting existing systems. Later, the Bancroft family confirmed a willingness to consider a sale. Besides Murdoch, the Associated Press reported that supermarket magnate Ron Burkle and Internet entrepreneur Brad Greenspan were among the other interested parties. In 2007, Murdoch acquired Dow Jones, which gave him such publications as The Wall Street Journal, Barron's Magazine, the Far Eastern Economic Review (based in Hong Kong) and SmartMoney.
Read more about this topic: Rupert Murdoch
Famous quotes containing the words united states, activities in, activities, united and/or states:
“In the United States all business not transacted over the telephone is accomplished in conjunction with alcohol or food, often under conditions of advanced intoxication. This is a fact of the utmost importance for the visitor of limited funds ... for it means that the most expensive restaurants are, with rare exceptions, the worst.”
—John Kenneth Galbraith (b. 1908)
“...I have never known a “movement” in the theater that did not work direct and serious harm. Indeed, I have sometimes felt that the very people associated with various “uplifting” activities in the theater are people who are astoundingly lacking in idealism.”
—Minnie Maddern Fiske (1865–1932)
“...I have never known a “movement” in the theater that did not work direct and serious harm. Indeed, I have sometimes felt that the very people associated with various “uplifting” activities in the theater are people who are astoundingly lacking in idealism.”
—Minnie Maddern Fiske (1865–1932)
“The United States have a coffle of four millions of slaves. They are determined to keep them in this condition; and Massachusetts is one of the confederated overseers to prevent their escape.”
—Henry David Thoreau (1817–1862)
“Life is a series of sensations connected to different states of consciousness.”
—Rémy De Gourmont (1858–1915)