Murdoch plans to buy back News Corp shares in a desperate attempt to stop them going into free fall.
Shareholders fear massive claim for damages following News of the World phone hacking scandal, and further scandals that are rocking the Murdoch Empire on a daily basis.
Questions are now being asked in US and Asutralia about Murdoch.
It is highly unlikely that Murdoch will be allowed to buy BSkyB, which has forced News Corp to withdraw its bid.
Where now without the BSkyB cash cow? BSkyB shares have fallen by 20%!
News of the World always has had a reputation for sleaze. With the hacking of the voicemail of murdered schoolgirl Millie Dowler it has sunk to new lows.
The voicemail of murdered Millie Dowler was hacked, messages read, messages deleted. The deletion of messages gave fresh hope to her family and friends. It also muddied the police investigation. Her killer went on to kill others.
The editor at the time, now chief executive of News International, was Rebekah Wade. She claims she did not know. Either she is a liar or she is incompetent. Either way she should resign.
Rebekah Wade is leading the investigation into NOTW phone hacking. This is like asking Ronald MacDonald to look into childhood obesity or asking the Met to investigate the Met over phone hacking.
To bribe a police officer is a serious criminal offence, with a prison sentence of several years if found guilty. Is that why the first police investigation looked more like a cover-up?
The Murdoch Empire is unfit to own or control media interests in the UK, for which Murdoch pays no tax. Murdoch should not be able to take a controlling interest in BSkyB.
Rupert Murdoch says allegations that staff at the News of the World hacked phones and paid police are ‘deplorable and unacceptable’. Does he mean the allegations or the actions? He still backs Rebeka Wade and refuses to sack her.
Advertisers are though pulling the plug. When a bank pulls its advertising on ethical grounds, then something must be rotten.
Virgin, Tesco, Wickes, Ford, Co-Op, Sainsbury’s, T-Mobile, Halifax, First Choice, TUI, Mitsibishi and Vauxhall have all pulled their News of the World advertising, and the list is growing.
As late as last night, Norman Fowler was under pressure to drop phone hacking and yet today David Cameron was forced to agree a Public Inquiry. What has changed?
Certainly not pressure from the tabloids. The pressure is grassroots. Once again we are seeing the power of social networking.
