Murdoch reputation takes a hit

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This happens when you don’t handle crisis the way it should be. Murdoch’s News Corp is facing the heat over its phone hacking scandal, which is doing significant damage to its reputation. Interestingly the news broke out just in time when Murdoch was going to take over the British Sky Broadcasting. Later giving in to the pressure from the UK Govt, he dropped his plan.

The company though claims to have handled this phone scandal neatly has already lost $18 billion to reputation damages. James Murdoch in a statement further approved an out-of-court settlements and rejected the claim that incidence has dented the image of News Corp and that they have detached themselves from this issue and it’s business as usual.

Contrary to James Murdoch’s statement, it was noted that Murdoch-owned Times and Sun’s Sunday circulations was at all time low. A clear case that readers have opted to move away from them to their competitors. This latest salvo will also damage Murdoch’s businesses in other parts of the world, right now in the UK Murdoch media empire is on weak knees. Surprisingly this situation was in store for them looking at the way they were running the newspaper business.

Put your house in order, and that’s where News Corp failed. Instead, they were quick to blame their competitors to have colored them black. Arrogance, ignorance call it whatever, News Corp is paying for its miscalculation, and it’s going to be tough for them to recover their brand value.

More trouble in waiting for the media giant. The US lawmakers have recommended a formal probe into the whole phone-hacking scandal, and if proved, it will be a clear case of “criminal” misdeeds.

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