This was a quick hit today in several ways. Notably, our host had connection problems, dropping one and then both of us a few times. So, the show is about 20 minutes with some dead air near the end, as Mike scrambled to reconnect with a different phone to close.
We touch on the Murdoch family, managers and editors of News Corporation â€” the UK scandals, the hearings, and the business effects to date. Then we speculated a bit on what it may all mean in the U.S., particularly with the Wall Street Journal and Fox News.
Together, those highly conservative media have long had outsized influence here. While not as powerful as Murdoch’s papers and broadcast in England, the effects are deep and wide. We see some diminishment soon and more later. That will be particularly true if our FBI finds criminal behavior, if our prosecutors invoke the Foreign Corrupt Practices Act for the bribes apparently paid, and if civil suits keep the sins of News Corp., well, news.
Reduced Murdoch influence for the 2012 U.S. elections could be a big factor in the outcome.