Complete 17 pages APA formatted article: Murdoch’s News Corp and Its Impacts on International Media. The major companies that are owned by News Corp. are. Fox News (USA), Star TV(Hong Kong), ITV(UK), The New York Post (US), Wall Street Journal (US), BskyB(UK), 20th Century Fox (US), The News of the World (UK), The Sun (UK), The Times and the Sunday Times (UK), Israel 10(Israel), Sky (Multinational) and MySpace.( Bernard & Griffith, 1996)This is by no means an exhaustive list. The Company is listed in the NASDAQ and Australian Securities Exchange.
The company is owned by Australian Born Rupert Murdoch and his family. Richard Searby once lamented that the Corporation’s board normally meets to ratify Rupert Murdoch’s decisions rather than to make decisions as is with other companies’ boards. He uses anyone of his vast business interests to support his personal views or the Corporation’s commercial or political influence. (Cheng & Mohamed, 2010) There have been instances whereby Rupert Murdoch has traded his TV news channels’ and newspapers’ editorial bias in order to gain some political favors. Murdoch has been supporting the US republican part since 2009. This was demonstrated by him donating US$1m for the party’s midterm election campaigns. ( Duthel,2011) The company has also been accused of flouting UK law in order to gain a monopoly in the British Newspaper and TV markets.
New Corporation is arguably one of the world’s biggest media companies having total assets of almost US$53bn and annual revenue of US$33bn in 2010. Its total assets tend to exceed the GDP of most of the countries in the African Continent. The Company also owns both content providers and distribution networks in the film and television industries. The conglomerate is made up of about 800 companies globally with several holding companies that are mostly based in offshore tax-havens. (Stewart, 2013)
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News of the World Scandals in the U.K
The News of the world phone hacking scandal was christened “Hack gate” by the British press. This controversy mainly involved the former News of the World and several other UK newspapers that were published by media house News International which is a News Corporation subsidiary in Britain.