News Corp.: James Murdoch is Fantastic

Yesterday News Corp. reported that its profits have fallen to $738 million, down from $775 million last year. However, that news was immediately shrugged off by investors, because the company’s total revenue was $8 billion, an increase of about seven percent.

More importantly was the announcement by Chase Carey, News Corp.’s COO, that James Murdoch is an all-around good guy. Forbes has an account of the exchange:

Chase Carey, News Corp.’s COO and the man who would most likely succeed Rupert Murdoch as CEO if a successor were needed today, was asked point blank whether any change in James Murdoch’s status is being discussed… ‘We have great confidence in James,’ responded Carey.