Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Murdoch's News Corp abandons plans for TV news channel in Britain

Published 27/04/2021, 19:21
Updated 28/04/2021, 01:46
© Reuters. FILE PHOTO: Tennis - US Open

By Helen Coster

(Reuters) - Rupert Murdoch's News Corp has abandoned plans to launch a traditional TV news channel in Britain after deciding it was not commercially viable, an emailed memo to staff shows.

News Corp had been exploring opportunities in the TV market for content from News UK, its British newspaper publisher, over the past 18 months News UK Chief Executive Rebekah Brooks said in the memo.

It had hired David Rhodes, a former president of ViacomCBS owned CBS News, to consult on the process.

"We determined early on in that review that it was not commercially viable to launch a traditional news channel on linear TV," Brooks said.

"Whilst there is consumer demand for alternative news provision, the costs of running a rolling news channel are considerable, and it is our assessment that the payback for our shareholders wouldn't be sufficient," she added.

"We need to launch the right products for the digital age," Brooks said in the memo, which was first reported by The Spectator on Tuesday.

Rhodes will leave the company in June.

Latest comments

Evil
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.