At yesterday’s Milken Institute Global Conference in Beverly Hills, Calif., Redstone took a jab at his rival, News Corp. chairman Rupert Murdoch, his newspapers will be dead in a couple of years.
On the same day the Murdoch debuted the Wall Street Journal’s new “Greater New York” section, Sumner told the crowd that there “won’t be any newspapers in two years.”
“You have to be careful of any newspapers that Rupert Murdoch runs,” he said, according to Bloomberg News. “He’ll put anything in them, except himself.”
Certainly, Murdoch is willing to throw lots of money into personal projects (and vendettas), and risk losing it. He had a war with the New York Times in his sights way back in 2007, when he bought the Wall Street Journal and its parent Dow Jones & Co. for $5 billion in 2007. He is also spending a reported $30 million during the next two fiscal years on the newly launched “Greater New York” section.
Of course, Murdoch also has a profitable movie and TV business that can crutch these print projects. Avatar is reportedly bringing News Corp. $400 million in revenue. That can pay for Murdoch’s New York section for the next 26 fiscal years. Although, Redstone isn’t willing to give Murdoch credit yet.
“He lives in ink, and I live in movies and television,” the 86-year-old Redstone said, according to Bloomberg. “Ink is going to go away, and movies and television will be here forever, like me.”
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