Rupert Has to Close the Post, It's History: Wolff

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

July 10 (Bloomberg) -- Author of "The Man Who Owns the News" Michael Wolff and media analyst Brad Adgate discuss the value of Rupert Murdoch's media empire. The speak on Bloomberg's "Surveillance." (Source: Bloomberg)

-- can newspapers capture revenue gekko?

I think there is a digital extension.

I think what is interesting is he talks about the "new york post" about making in another buzz feed.

Here is the "new york post" this morning.

Michael, this is a buzz feed, is it?

The idea that rupert is going to create another buzz feed, that he even knows what buzz feed is.

Rupert is always doing this.

There was a time when page six, he was going to turn that into gawker, i think.

There is not a chance.

Let's go for.

The real issue is -- will rupert close the "new york post." he has to.

It is history.

This is $110 million blackhole in a publicly traded discrete company.

He said last year, the publishing branch lost $2 billion last year.

That lights out all the debt- free money that the company has.

You've got to wonder how much longer he is going to be able to sustain this.

If he is really going to run his company, the thing they asked do, the first thing of of the imperative is he has to bring costs into line.

That means the "new year to -- "new york post congo the "times ," goners, goners.

Together that is almost $250 million a year down the hole.

Lifted it with the headlines we got about the "tribune" company.

There was discussion that perhaps rupert murdoch might be interested in buying the "l.a. times." does it look like he will do that would display?

I don't think so.

He is going to have to get a waiver from the fcc, or he is going to have to change.

You cannot own to newspapers or two tv stations and newspaper in the same market.

He does in new york, he has a waiver.

There are some issues with the sec.

There could be some traders -- some changes.

Can i jump in here?

Something i have written about, there is something here.

They get a lot of money from fox in the division, $2.4 billion.

But certainly what i am hearing is that there will be a foreign corrupt practices act settlement with the company, and part of that money, a key part of that money, as much as $1 billion, will go for that settlement.

Michael wolff with us, brad adgate, interesting time for mainstream media.

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change