The Rise and fall of Rupert Murdoch and his News Corporation
Keith Rupert Murdoch inherited ‘News limited’ from his father in 1953. Firstly, he proved his business ability by acquiring the troubled news papers in Australia and New Zealand during 50’s and 60’s. In 1969, he expanded his empire to Britain by taking over then unsuccessful newspapers, News of the World and The Sun which he built later into Britain’s best selling dailies. By buying The Times, he expanded his market to US and procured US citizenship. By 2000, Murdoch’s News Corporation owned over 800 companies in more than 50 countries.
Developing a standardized pattern for his newspapers, adopting newer electronic publishing technologies with increased coverage to sports and scandals, highlighted with catchy headlines, Rupert anchored the flag of power in media. The yearly income of the News Corporation comprising of about 130 daily newspapers, 25 periodicals, and the TV channels ranging from the Fox News in America, Star TV and National Geographic to Kerala’s Asianet channel comes to about $ 3000Crore.
The confusions and the deteriorating news on the News Corporation reviewed loss in stock exchange market for the Murdoch’s company shares. Thus Murdoch decided to put an end to the controversial newspaper, News of the World, avoid further crash land to his business from an unknown height. Thus on July 17th the last edition of News of the World came out with the head line ‘We are Sorry’. The tower built with the scandalous blocks crashed down to Murdoch’s feet by the hit of another scandal.
Like any other institutions of the society Media too is in an evolution. The modern trends in media influences the society to a great extends. These new trends good and bad coins the phrase "The medium is the message" by Marshall McLuhan. There are various loopholes where media can reconstruct or destruct the society. Even though there is no press media giant as Rupert Murdoch in India, Indian media has visible signs of 'Rupert’s syndrome' of news sensation which shall be discussed thoroughly to be vigilant.