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. ‘James has done a good job. We are not contemplating any changes.’
There you have it. Yes, this might just be Carey buying time to let the controversy dissipate before Murdoch steps down “for personal reasons,” but maybe it’s not. Maybe James isn’t going anywhere, even if a lot of people really want him to.