Rupert Murdoch is one of the world’s wealthiest individuals who has built a hugely powerful and profitable corporate machine – a media business that politicians ignore or challenge at their own risk.
The question now is how much the phone-tapping allegations could damage Murdoch’s News Corporation.
The sudden closure of the News Of The World – Britain’s biggest-selling Sunday newspaper – came as advertisers fled in response to the phone-tapping.
However he has plenty more sources of revenue – dozens of brands earned 23 billion euros last year.
TV is most profitable turning over 10.5 billion euros, from both the channels themselves and the means of distribution via cable companies. Film studios brought in 5.3 billion and newspapers 4.5 billion.
With newspaper advertising slipping as people turn more to the internet for information Murdoch is concentrating more on TV and that is where the hacking scandal could hurt him.
His request to take full control of UK satellite broadcaster BSkyB is currently awaiting approval by the UK government and will only be allowed if News Corporation is considered to be a “fit and proper” owner.