News Corporation is the latest international media company to reveal that it has been hit hard by COVID-19, with third-quarter accounts showing a $US1 billion ($1.5 billion) loss.
It is a setback that spurred Rupert Murdoch to join the growing list of senior executives forgoing their bonuses for this year.
But while the US, like the rest of the world, is feeling the heat from COVID-19, much of News Corp's pain came from Australia.
As the owner of 65 per cent of pay-TV operator Foxtel, News Corp's accounts give an insight into how Foxtel is travelling.
Coronavirus update: Follow all the latest news in our daily wrap
And it's not pretty.
"In
one, two, three years, then either they totally change their business
model and become like another Netflix, or, you know, another model that
they may think of, otherwise, I don't think they will survive for much
longer."
As Virgin Australia found
out a few weeks ago, when shareholders stop stumping up the cash for a
loss-making business, the consequences are dire.
It beggars the question of just how many more $1 billion-plus writedowns Mr Murdoch is prepared to tolerateCoronavirus losses may force Newscorp and Rupert Murdoch to rethink Foxtel business model - ABC News
Moscow promises Washington a ‘SERIOUS TALK’ about its V-Day message that omits Soviet Union’s role in defeating Nazis
Hollywood history is typically American(ODT)
Moscow won’t fail to take note of the White House decision
to completely exclude the Soviet Union from its message marking Victory
in Europe Day, the Foreign Ministry said, calling the act a “distortion”
of World War II history.
Fake News
PAUL BONGIORNO SAYS HE KNEW NOTHING. SO WHY DOES HE DAMN PELL?
COLUMN
Of all the journalists jeering that Cardinal George Pell “knew” all along about paedophile priests, one particularly makes me sick. It’s
Paul Bongiorno, himself a former priest who once lived with the worst paedophile priest. He should know better than anyone that this finding against Pell is a joke.
FACEBOOK APPOINTS NEW CENSORS - TRUMP HATERS AND LEFTIST RANTERS
Facebook has a new oversight board. These are the people
you appeal to if you have had content banned - and you think the ban
was purely political. But check out the panel members. What a bunch of
Trump-hating extremists, and all appointed in time for the US
presidential election.
JACKIE TRAD GONE. BUT WHO SACKED HER?
Happy to see Queensland Deputy Premier Jackie Trad resign.
But not happy to see who made that call: "Multiple sources, and the...
unions’ near-dictatorial influence over the Palaszczuk government,
indicate it was the withdrawal of support of United Workers Union
boss... Gary Bullock that ended Trad’s hopes... Bullock... has 18 MPs in
his union."
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