In the past six month, the stock price of Rupert Murdoch’s News Corp has plummeted from more than $18 per share to a little over $8 a share.
But hey, Rupe’s in good company. Shares of Fairfax Media, which publishes the Sydney Morning Herald, have dropped 68 percent this year, while the Australian market as a whole has only fallen 44 percent.
Earlier today, this prompted CEO David Kirk (a former captain of New Zealand’s All Blacks rugby team) to resign the position he’s held for three years. In addition to the Hearld, the company owns 300 newspapers, 50 Web sites, and 15 radio stations