The Murdochs are feuding but their empire is thriving
Rupert Murdoch, the 94-year-old founder and controlling shareholder of Fox Corporation and its sister company News Corp, was trying to change the terms of a family trust to block three of his children from inheriting control of the companies upon his death. The high-stakes legal manoeuvre was rejected. An appeal – and thus a new season of morbid entertainment for media watchers – is in the works.
As the Murdochs continue their decades-long, multibillion-dollar family feud, the empire they are fighting over is flourishing.
This is doubly surprising. For one thing, succession crises and legal uncertainty tend not to bolster investors' confidence in a company. What's more, the Murdoch firms are giants in linear television and print journalism, declining industries that markets have not been kind to.
Why is a pair of legacy media companies controlled by a dysfunctional dynasty so popular with investors?
Start with Fox, the larger of the two, with a market value of $US24 billion ($37 billion). Its business is concentrated in American broadcast and cable television, which in recent years have witnessed a bloodbath.
As the Murdochs continue their decades-long, multibillion-dollar family feud, the empire they are fighting over is flourishing.
Over the past decade-and-a-half, the share of homes with pay TV has fallen from nearly 90 per cent to barely 50 per cent as viewers have defected to streaming services such as Netflix. As for broadcast television, Americans today spend half as much time watching it as they do streaming, according to Nielsen, a data company.
While other legacy media companies' values have stagnated or worse, Fox's has soared. The difference lies in its content mix. In 2019 Fox sold its general-entertainment assets to Disney for $US71 billion at what turned out to be the top of the market, deciding to focus on news and sport. It was the right call: streamers like Netflix have since grabbed the audience for general entertainment, while news and sport have mostly stayed on linear TV, and thus with Fox.
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The Advertiser
4 hours ago
- The Advertiser
Battling A-Leagues club stripped of licence
Western United have been stripped of their A-Leagues licence, leaving the embattled club on the brink of folding and players and staff in limbo. Just three years after their first A-League Men championship, United have been in financial turmoil for months, with players and staff paid late in April, May and June while superannuation payments were also delayed. United, based in Tarneit, in Melbourne's western suburbs, have also been unable to register players due to a FIFA ban related to an ongoing dispute with former striker Aleksandar Prijovic. That ban meant new signing Jaiden Kucharski and captain Ben Garuccio could not be registered in time to play in United's Australia Cup round of 32 loss to Sydney FC. The club, led by chairman Jason Sourasis, had hoped their issues would be solved by a planned takeover by American group KAM Sports, which was announced in May - but that is yet to be completed. It meant the club's current ownership were unable to satisfy the financial criteria required to maintain their licence, and they now have seven days to appeal the decision. Football Australia's First Instance Board (FIB), an independent body responsible for club licensing, met on Thursday. A Football Australia (FA) spokesperson said the FIB had: "determined that Western United FC has failed to meet the criteria required to be granted an A-League license. "As such Western United FC's license has been withdrawn, effective immediately. "Western United FC can appeal this decision to the Appeals Body established under the regulations on certain grounds outlined in the regulations. "This outcome, while regrettable, reflects Football Australia's ongoing commitment to upholding the integrity, stability, and fairness of competitions for all clubs, players, and stakeholders." Championship-winning coach and Socceroos great John Aloisi signed a new two-year deal in July, while it is also unclear what the decision means for players, who are receiving support from the players' union, Professional Footballers (the PFA). United's men's players are in pre-season while it is the off-season for ALW players. "The PFA was advised by both Football Australia and APL of the FIB's decision to withdraw Western United's A-League licence," a PFA spokesperson said in a statement."We have communicated directly with all players affected by this decision and will continue to do so as this matter progresses." United have experienced a turbulent existence since they were granted an expansion licence in 2018 - beating several other bids - and entered the league ahead of the 2019-20 season. Their bid was successful largely based on Western Melbourne Group's commitment to build a purpose-built stadium in Tarneit. That project was delayed by several years, with the club playing games in Geelong, Ballarat, Footscray and Tasmania, before a far smaller training ground, Ironbark Fields, was constructed. Despite the setbacks, Aloisi was able to lead the club to their first ALM championship in 2021-22 while the ALW team reached the grand final in their inaugural season the following year. "We've been advised by Football Australia on the determination by FIB to withdraw Western United's conditional licence," APL executive chairman Stephen Conroy said in a statement. "This is an FA, AFC and regulatory process, and we won't comment further until the regulatory process and any appeal has been completed." Western United have been stripped of their A-Leagues licence, leaving the embattled club on the brink of folding and players and staff in limbo. Just three years after their first A-League Men championship, United have been in financial turmoil for months, with players and staff paid late in April, May and June while superannuation payments were also delayed. United, based in Tarneit, in Melbourne's western suburbs, have also been unable to register players due to a FIFA ban related to an ongoing dispute with former striker Aleksandar Prijovic. That ban meant new signing Jaiden Kucharski and captain Ben Garuccio could not be registered in time to play in United's Australia Cup round of 32 loss to Sydney FC. The club, led by chairman Jason Sourasis, had hoped their issues would be solved by a planned takeover by American group KAM Sports, which was announced in May - but that is yet to be completed. It meant the club's current ownership were unable to satisfy the financial criteria required to maintain their licence, and they now have seven days to appeal the decision. Football Australia's First Instance Board (FIB), an independent body responsible for club licensing, met on Thursday. A Football Australia (FA) spokesperson said the FIB had: "determined that Western United FC has failed to meet the criteria required to be granted an A-League license. "As such Western United FC's license has been withdrawn, effective immediately. "Western United FC can appeal this decision to the Appeals Body established under the regulations on certain grounds outlined in the regulations. "This outcome, while regrettable, reflects Football Australia's ongoing commitment to upholding the integrity, stability, and fairness of competitions for all clubs, players, and stakeholders." Championship-winning coach and Socceroos great John Aloisi signed a new two-year deal in July, while it is also unclear what the decision means for players, who are receiving support from the players' union, Professional Footballers (the PFA). United's men's players are in pre-season while it is the off-season for ALW players. "The PFA was advised by both Football Australia and APL of the FIB's decision to withdraw Western United's A-League licence," a PFA spokesperson said in a statement."We have communicated directly with all players affected by this decision and will continue to do so as this matter progresses." United have experienced a turbulent existence since they were granted an expansion licence in 2018 - beating several other bids - and entered the league ahead of the 2019-20 season. Their bid was successful largely based on Western Melbourne Group's commitment to build a purpose-built stadium in Tarneit. That project was delayed by several years, with the club playing games in Geelong, Ballarat, Footscray and Tasmania, before a far smaller training ground, Ironbark Fields, was constructed. Despite the setbacks, Aloisi was able to lead the club to their first ALM championship in 2021-22 while the ALW team reached the grand final in their inaugural season the following year. "We've been advised by Football Australia on the determination by FIB to withdraw Western United's conditional licence," APL executive chairman Stephen Conroy said in a statement. "This is an FA, AFC and regulatory process, and we won't comment further until the regulatory process and any appeal has been completed." Western United have been stripped of their A-Leagues licence, leaving the embattled club on the brink of folding and players and staff in limbo. Just three years after their first A-League Men championship, United have been in financial turmoil for months, with players and staff paid late in April, May and June while superannuation payments were also delayed. United, based in Tarneit, in Melbourne's western suburbs, have also been unable to register players due to a FIFA ban related to an ongoing dispute with former striker Aleksandar Prijovic. That ban meant new signing Jaiden Kucharski and captain Ben Garuccio could not be registered in time to play in United's Australia Cup round of 32 loss to Sydney FC. The club, led by chairman Jason Sourasis, had hoped their issues would be solved by a planned takeover by American group KAM Sports, which was announced in May - but that is yet to be completed. It meant the club's current ownership were unable to satisfy the financial criteria required to maintain their licence, and they now have seven days to appeal the decision. Football Australia's First Instance Board (FIB), an independent body responsible for club licensing, met on Thursday. A Football Australia (FA) spokesperson said the FIB had: "determined that Western United FC has failed to meet the criteria required to be granted an A-League license. "As such Western United FC's license has been withdrawn, effective immediately. "Western United FC can appeal this decision to the Appeals Body established under the regulations on certain grounds outlined in the regulations. "This outcome, while regrettable, reflects Football Australia's ongoing commitment to upholding the integrity, stability, and fairness of competitions for all clubs, players, and stakeholders." Championship-winning coach and Socceroos great John Aloisi signed a new two-year deal in July, while it is also unclear what the decision means for players, who are receiving support from the players' union, Professional Footballers (the PFA). United's men's players are in pre-season while it is the off-season for ALW players. "The PFA was advised by both Football Australia and APL of the FIB's decision to withdraw Western United's A-League licence," a PFA spokesperson said in a statement."We have communicated directly with all players affected by this decision and will continue to do so as this matter progresses." United have experienced a turbulent existence since they were granted an expansion licence in 2018 - beating several other bids - and entered the league ahead of the 2019-20 season. Their bid was successful largely based on Western Melbourne Group's commitment to build a purpose-built stadium in Tarneit. That project was delayed by several years, with the club playing games in Geelong, Ballarat, Footscray and Tasmania, before a far smaller training ground, Ironbark Fields, was constructed. Despite the setbacks, Aloisi was able to lead the club to their first ALM championship in 2021-22 while the ALW team reached the grand final in their inaugural season the following year. "We've been advised by Football Australia on the determination by FIB to withdraw Western United's conditional licence," APL executive chairman Stephen Conroy said in a statement. "This is an FA, AFC and regulatory process, and we won't comment further until the regulatory process and any appeal has been completed."
Perth Now
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MGK reinvents himself on new album Lost Americana, featuring narration by Bob Dylan
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Sky News AU
7 hours ago
- Sky News AU
‘Has to be a lie': Rocker G Flip shocks American fans after revealing classic Aussie school tradition
G Flip has shocked their American fans after sharing the "bizarre" school tradition from Australia of pen licenses that has divided their TikTok followers. The Melbourne-born singer and drummer, who goes by they/them pronouns, has moved to the United States after marrying reality star Chrishell Stause of Selling Sunset fame. Obtaining a pen licence is a rite of passage for many Aussie primary school students around year three or four to officially transition from writing with a pencil to a pen. 'I'm an Australian living in America and today I found out that Americans don't get their pen licence when they're a kid,' G Flip said in a TikTok video. 'So, in Australia, when you're eight or nine, you do a test to deem if you are ready to upgrade from a pencil to a pen. 'You've got to make sure it's all legible and your letters look great and then your teacher will grade you ... and you will then get a certificate that says you can now use your pen, you've got your pen licence. 'Apparently, Americans, y'all don't get a pen licence and you're out here using pencils until you're in your teens. That's a lot of sharpening!' The video has amassed over 1.5 million views in a few days, with comments divided between nostalgic Aussies and baffled Americans. 'As an American growing up I just used pens anytime we don't need permission to use them wth lol,' one stateside fan wrote. 'A pen license? Girl, we were signing yearbooks in gel ink with no adult supervision. This ain't the DMV,' another American wrote. 'This has to be a lie,' a third American wrote. Meanwhile, many nostalgic Aussies recalled their memories of earning their pen licence. 'As a primary school teacher, I can't tell you the joy it gives me to give a student their pen licence,' one Aussie fan wrote. 'Anyone else left-handed and have their pen licence taken off them when they smudged the ink across the page?' another reflected. 'No pen licences is crazy. How do you know you are safe and ready to use a pen without one?' a third wrote.
