Murdoch: I'm Sticking as News Corp Chief

Mogul announces strong results for media empire
By Rob Quinn,  Newser Staff
Posted Aug 11, 2011 3:00 AM CDT
"There can be no doubt about our commitment to ethics and integrity," Murdoch told investors.   (AP Photo/Louis Lanzano, File)

(Newser) – The phone-hacking scandal that killed the News of the World hasn't made much of an impact on News Corp's bottom line—or on Rupert Murdoch's place at the top. "The board and I believe I should continue in my current role as chairman and CEO," Murdoch said yesterday, announcing strong financial results. Profits are down for the quarter because of the loss-making sale of MySpace, but the media empire's income is up 12% this year over last, helped by strong ad sales at Fox, reports the Guardian.

Addressing the phone-hacking scandal in his first results presentation since he was summoned before Britain's Parliament, Murdoch said the firm "is acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again." The scandal, however, appears to have changed the 80-year-old's succession plans: Son James Murdoch was once seen as the likeliest successor, but his father told investors that "if I went under a bus," deputy chairman Chase Carey would probably take over. Murdoch did note that both he and Carey have "full confidence" in son James.

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