Lord Justice Leveson’s high-profile inquiry into phone hacking and unethical behavior by the British press never really tackled the big problems at the heart of the news industry. And what’s worse is that this huge error wasn’t a mistake — but the result of willful ignorance.
News Corp’s share price is soaring as investors cheer reports that the giant company is planning to spin off its $8 billion publishing division. News Corp analysts we talked with, not surprisingly, like the idea of a restructured News Corp — but interestingly, they’re also optimistic about the prospects of a stand-alone publishing corporation.
In a positive earnings report, the cost of hacking for News Corp. is barely a blip. COO Chase Carey admitted to some hard truths in a UK report but rejected notion that Rupert Murdoch is unfit to lead.