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The Australia-based News Corp. was founded in 1952 when media mogul Rupert Murdoch inherited two family newspapers. Since then, Murdoch has been busy acquiring other publications and broadcast stations at a blinding rate. News Corp. is now responsible for such diverse offerings as the New York Post, and the London Times and Sun. The company also owned TV Guide until 1998. The Australian HQ comes in handy too; the Washington Post estimates that Murdoch's astute manipulation of more lenient Australian accounting requirements allows News Corp. to pump up its apparent earnings. News Corp. seems to pay about 5 percent of its considerable earnings in taxes, while those of august competitors Times Warner and Viacom hover in the range of 30 percent. Though News Corp. originally focused on publishing, the company has now established itself in a variety of other media. Its upstart Fox Broadcasting Network, founded in 1986 (the first new television network in the U.S. since 1948), has surpassed industry expectations, with hits such as The Simpsons, The X-Files, and most recently, Ally McBeal. News Corp. has also offset its tabloid-heavy line of publications by acquiring publishing house HarperCollins; in addition, the company takes in revenue from the film releases of Twentieth Century Fox. Despite an ever-growing empire, Murdoch's company has suffered some setbacks over the years, often well-publicized ones. Even after such significant spats with broadcasting company EchoStar Communications, and Ted Turner's Time Warner, News Corp. always rebounded. Profits were down 27 percent in 1997 due to poor performances by Fox and HarperCollins. Fox's struggles were largely the result of two box-office bombs: Speed 2: Cruise Control and the non-explosive Volcano. In addition, News Corp was forced to take a one-time charge of a cool $270 million to restructure its ailing publishing subsidiary, Harper Collins, which had wasted money on such drek as Jay Leno's autobiography. In 1999, however, HarperCollins agreed to acquire the publishing unit Avon Books and William Morrow & Co. of the Hearst Corporation for about $200 million. The acquisiton meant that HarperCollins would remain the second-largest publisher in the United States and more literary titles to flaunt. New frontiers Still, the salty Murdoch continues to branch out into other forms of media. In March 1998, News Corp's purchase of the Los Angeles Dodgers for $350 million was approved by the baseball owners despite Ted Turner's vehement objection. In 1998, News Corp. announced that it would unite the baseball team and its movie and TV holdings under a new company, Fox Group. The media conglomerate announced that it would publicly trade 20 percent of Fox Group by the end of the year - a strategy to add appeal to its own stock and create leverage for acquisitions in the future. After resisting the power of the Internet for years, Murdoch finally submitted in December 1999, when he announced the formation of News Digital Ventures, which will invest in Internet companies. The company also decided, in January 2000, to offer free Internet access to Simpsons fans via its Simpsons.com web site. A Spin-off that's set for take-off In June 2000, the ever-restless Murdoch decided to merge and spin-off News Corp's global satellite TV operations into one company. Spurred to action by the AOL/Time-Warner partnership, News Corp. is looking to such companies as Yahoo! for potential deals. Not wasting any time, News Corp. announced its intention to file with the SEC to offer shares of the new spin-off. The move had industry analyists buzzing, estimating that the venture is worth upwards of $40 billion. The company, which will be comprised of the StarTV system in Asia, BSkyB in Britain, TV Guide International, News Digital Systems Plc and satellite operators in Europe, Asia and Latin America will have a total reach of 100 million homes in 60 countries and will probably incorporate the word 'Sky' in its name. The spin-off has been given the working title of Platco, but, like Murdoch's empire, that could change at any time.
News Corp. rarely has positions open in its corporate offices. Affiliate stations and properties offer prospective candidates a better chance. Keep in mind that the company is global, with a headquarters outside of the U.S. Resumes are accepted and evaluated at the company's New York headquarters. If no position is open for a candidate, the resume is forwarded to one of News Corp.'s properties. News Corp. keeps resumes on file for six months.
News Corp.'s individualistic culture "gives employees a much-appreciated sense of autonomy." Says an insider: "The company has a global focus and the decentralized structure of the company allows for much freedom in decision-making." However, the "massive global scope" of the company can create "confusion" and "distance" between workers and their supervisors. Employees also say that they are "subject to the whims of industry forces" more than their peers at other publishing and broadcasting companies. Yet each of News Corp.'s companies brings "instant respectability" to a resume, and recently hired employees say that they have sometimes have opportunities to "gain exposure to top names in the field." The "dynamic," "aggressive" attitude that News Corp. tries to bring each of its new acquisitions results in an "entrepreneurial" environment that "constantly creates new opportunities." MBA interns say they received "extensive" exposure to upper management and that the internship was "very dynamic."
Bill A. O'Neill Human Resources More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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