Murdoch Laughs Last Again

In late 1990, Rupert Murdoch merged his floundering British satellite TV service with a debt-plagued competitor. Saddled with $2.7 billion in debt, the new British Sky Broadcasting Group proceeded to lose $4.5 million a week for the next six months. Even after Murdoch and three other owners pumped in $1 billion to keep the venture afloat, most analysts predicted the company's demise within a year.

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