“We are in the midst of a phase of history in which nations will be redefined and their futures fundamentally altered,” wrote media mogul Rupert Murdoch in a recent memo to the management staff of News Corp, his global media empire, which includes Fox TV.
The provocative sentence is lodged within a long memorandum announcing the departure of the company’s longtime president and chief operating officer Peter Chernin as well as an upbeat pep talk about News Corps’ acquisitions and its plans for future growth in a world market where other media organizations will be retreating. Murdoch notes that News Corp is in a very enviable position, with $5 billion cash on hand and $3.5 billion in annual revenues.
But what about the bit on redefining nations? The line comes at the beginning of a portion of the memo that addresses the current global economic crisis and pledges that News Corp will not allow financial pressures to influence the company’s commitment to quality:
We are in the midst of a phase of history in which nations will be redefined and their futures fundamentally altered. Many people will be under extreme pressure and many companies mortally wounded. Our competitors will be sorely tempted to take the easy beat, to reduce quality in the search for immediate dividends.
Let me be very clear about our company: where others might step back from their commitment to their viewers, their users, readers and customers — we will renew ours.
The direction of the business now and over the next few years will define the character of our company for decades.
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