Rupert Murdoch has launched an emotional defence of his media empire, admitting he made “spectacular” mistakes in the past but would be “relentless” as he makes amends in the future.
The 82-year-old told investors in New York that his conglomerate was “undervalued and underdeveloped” ahead of a planned break-up at the end of next month.
News Corp is being split into two with its newspapers — which include The Times and the Sun in the UK — being separated from its more profitable entertainment and broadcasting assets, including the Fox network.
“You may be wondering why I want to do it all over again. The simple answer is: there is opportunity everywhere,” Murdoch said. “I have been given an extraordinary opportunity most people never get in their lifetime: the chance to do it all over again.”
The split comes in the wake of the company’s phone-hacking scandal that led to the closure of the News of the World, part of the group’s UK newspaper arm, in 2011.
“I am not saying I didn’t make many mistakes along the way — even some spectacular ones,” Murdoch added. However, in a warning that hinted at future job cuts, he added: “We will be relentless in our cost-cutting and in our pursuit of profits.”
The news-based News Corp business, which will encompass the conglomerate’s publishing interests, will adopt a logo based on the handwriting of Rupert Murdoch and his father, Sir Keith. The TV and film businesses, which will be part of a separate company called 21st Century Fox, will sport an emblem based on two spotlights.
