Rupert Murdoch, head of News Corp (NWS) told Reuters that the tough economy is not hurting his company in the current quarter. Good news for his shareholders.
But, the most important thing Mr. Murdoch said in his current trip to Australia is that "he was also planning to boost the numbers of subscribers to the Wall Street Journal’s Web site more than tenfold by making access free."
"We are studying it and we expect to make that free, and instead of having 1 million (subscribers) having at least 10-15 million in every corner of the earth," Murdoch added.
So, the mogul will assume that he will lose his one million subscribers who pay about $79 a year to get the paper online. But, with over 10 million or more daily readers, Murdoch must believe that he will pick up tons of new advertising. He recently bought Dow Jones (DJ) the Journal’s owner.
The effects of Murdoch’s decision could send a huge wave through the financial content business, threatening to take ad revenue from online versions of the New York Times (NYT), Pearson’s (PSO) Financial Times as well as the huge and profitable money sections of portals like MSN (MSFT) and Yahoo! (YHOO). In other words, it could change the dynamics of where online financial advertising is placed and which properties make money.
Murdoch has the instincts of a riverboat gambler. He may not win this hand, but he stands to do a lot of damage to the competition.
Douglas A. McIntyre
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
