The company's latest quarterly earnings report, issued this afternoon, paints a clear picture of why News Corp. is so keen on the separation.(1)
It's no secret the Post hemorrhages cash (as much as $110 million a year, according to one recent estimate), but nevertheless continues to be subsidized by Murdoch's love of newspapering and the influence it once bought him in New York power circles.
But with the Post and the rest of New Corp's publishing assets about to break off from the lucrative entertainment titles that have long cushioned them in quarterly earnings reports, there's more pressure than ever to shore up the bottom line.
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Gerard Baker introduces himself to staff at 'Journal,' says that 'outside the coasts' people love the editorials
One person at Friday's Town Hall asked whether Baker had given any thought to rejiggering the editorial page. He demurred, saying that he has no authorty over the opinion pages. But he said that the editorials often rank among the most-read content on wsj.com and joked that "outside of the coasts," people really love them.
News Corp.'s quarterly earnings calls with Wall Street analysts and the press weren't always such dull affairs. But when Rupert Murdoch stopped participating in them a little more than a year ago, the chance of anything really provocative or surprising or blunt being said vanished with him.
First thing: Hire the publicists.
The New York Post editorial page editor Bob McManus is retiring, announced the paper's state editor Fred Dicker.
Another member of The Daily's editorial team has landed on his feet as News Corp. prepares to shut down the short-lived tablet publication.
To assist the Daily staffers in that effort, there will be an internal job fair on Dec. 19. Several of them have already landed on their feet, including editor Jesse Angelo, who has been promoted to publisher of sister title the New York Post, and veteran gossip Richard Johnson, who had left the Post to become the Daily's Hollywood bureau chief but who is also headed back to the tabloid, according to an announcement this afternoon on his Facebook page.
For those who have been saying almost since it launched that The Daily, Rupert Murdoch's tablet-only daily newsmagazine, was doomed to fail: congratulations on today's announcement that the publication is folding.
Starting Dec. 15, News Corp's iPad newspaper, The Daily, will cease publication, bringing an end to an ambitious and expensive two-year experiment in tablet publishing that ultimately failed to be a considerable driver of readers and revenue in the nascent tablet-publishing market.
"Obviously we should look at some things," said president and C.O.O. ChaseCarey, speaking on a conference call with Wall Street analysts. "But I'm not going to get into commenting transaction by transaction, rumor by rumor,"
He announced the move on Twitter just as his new employer, the Pew Research Center, put out a statement on his hiring.
C.O.O. Chase Carey said the company was "targeting to make its initial regulatory filings around the end of the calendar year with operating details to follow."