I watch Fox news every night at ten. This is the form of news I rely on most to know what is going on. It is the most watched network among young adults, so I"m not alone. I have now begun to question whether I can trust this source for giving me the proper information I need to get by in this world. Will Fox tell me the truth or cover up the real news with silly stories? If this is what is going on there may be a lot of uninformed or misinformed people out there right now, including me.
First lets break down the ownership of a company like this. Fox Broadcasting Company is a subsidiary of Fox Entertainment Group, which 80.6% of is owned by News Corporation Limited. Rupert Murdoch is the President and CEO of News Corporation and Fox Entertainment. This means that he is a rich man with his hands in a lot of different businesses. .
News Corporation is a company involved in the entertainment industry. In the entertainment industry it is ranked three. It is ranked as 326 on the Fortune Global 500 list, which is up from last years rank of 364. It has more than 17 billion in revenues for this year, as of June "03(www.fortune.com). Not only does his company do well, but so does Murdoch. He is 27 on the Forbes 400 list of the richest people, a self-made billionaire, and is worth 7.2 billion(www.forbes.com). Entertainment is a very broad category, yet News Corporation owns pieces of it all.
Along with television, it also has parts in film, cable, satellite, magazines, newspapers, books, music, and even some sports teams. As of the 10th of this month News Corporation made an agreement to sell the Los Angeles Dodgers to an investor group headed by Frank McCourt, who is a prominent real estate developer in Boston. The deal is pending the approval of the Major League Baseball Association(www.newscorp.com). .
This company is a superb example of vertical integration. It has everything it needs to survive in all markets of the entertainment industry.