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Posts Tagged ‘Les Hinton’

UK Panel: Rupert Murdoch is ‘Not Fit’ to Run Media Empire

The months of phone hacking investigations have concluded, and the result is this: Rupert Murdoch has done a lot of bad things. And that’s just us being nice. The report gathered by the British panel had a lot worse language in it.

Some choice cuts, according to The Guardian and The New York Times:

  • “On the basis of the facts and evidence before the committee, we conclude that, if at all relevant times Rupert Murdoch did not take steps to become fully informed about phone hacking, he turned a blind eye and exhibited willful blindness to what was going on in his companies and publications”

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Former Bloomberg LP Chief Executive Joins Dow Jones as CEO

Lex Fenwick, the former head of Bloomberg LP, has been named the new CEO of Dow Jones & Company. Fenwick succeeds Les Hinton, who stepped down last summer as the phone hacking scandal heated up. According to the New York Times, Fenwick had been with Bloomberg since 1987, and most recently lead Bloomberg Ventures.

Rupert Murdoch said in a statement that Fenwick was the right man to guide the company as the digital realm becomes increasingly important. Robert Thomson, Editor-in-Chief of Dow Jones and Managing Editor of The Wall Street Journal, echoed those feelings in an email to the Times.

“[Fenwick] has a genuine feel for the character of contemporary content and its value, and this instinct and insight and drive will be the stuff of our future prosperity,” wrote Thomson.

Les Hinton to Be Questioned by Parliament

(Via The Guardian)

Les Hinton, the former Publisher of The Wall Street Journal and Dow Jones CEO, is going to be questioned by Parliament about his knowledge of the phone hacking scandal.

When Hinton resigned in July, he reiterated his stance that the phone hacking had been an isolated incident involving just one reporter, but since then there has been some evidence that points to the contrary.

Hinton has always been close to Rupert Murdoch, so we’re guessing this investigation is starting to hit a little too close to home for the News Corp. CEO.

The Huffington Post reports that Hinton will be questioned via video on October 24.

WSJ’s Alan Murray: ‘We are suffering from guilt by association’

As the fallout from the phone hacking scandal continues, The Wall Street Journal has desperately tried to maintain its autonomy from News Corporation. Unfortunately, when editorials that read like a press release are published within its pages, it makes things a little difficult for everyone there to do that (even if they don’t like the editorial).

Alan Murray, the paper’s Deputy Managing Editor, and a few other Journal staffers spoke to WWD today and expressed their frustration with the situation. Murray defended the Journal, even adding that Rupert Murdoch has made it a better place:

We do feel we are suffering from guilt by association. My feeling, and that of many here, is that this is in many ways a better paper than it was four years ago, and Rupert Murdoch and Les Hinton both deserve great credit for investing in us and supporting and encouraging good journalism here.

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The Wall Street Journal’s Editorial on Hacking Scandal is a Joke

The Wall Street Journal must have a drunk journalist problem. Someone must have broken into the newsroom, downed a few 40s and then pounded out a piece on the phone hacking scandal while no one was looking. That’s the only way we can see this editorial being published. It’s that ridiculous.

Let’s go through some of the idiocy, shall we?

First, the piece says that the actual act of the phone hacking isn’t the worst thing, it’s that Scotland Yard failed to investigate News of The World thoroughly when the problem first came out in 2009. Um, okay. That’s like a person who was arrested for murder saying, “Yeah I stabbed her to death, but what’s really messed up is the cops not realizing I have a history of violence and locking me up beforehand.”

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Dow Jones CEO Les Hinton is Resigning

The havoc around the News Corp. hacking scandal is really picking up steam, as Les Hinton just announced that he’s stepping down as CEO of Dow Jones. All Things D has the memo from Rupert Murdoch and Hinton’s resignation letter. Here’s a segment from Murdoch’s note:

News Corporation is not Rupert Murdoch. It is the collective creativity and effort of many thousands of people around the world, and few individuals have given more to this Company than Les Hinton.

And a section from Hinton’s resignation letter:

That I was ignorant of what apparently happened is irrelevant and in the circumstances I feel it is proper for me to resign from News Corp, and apologize to those hurt by the actions of the News of the World.

Two things: 1) There’s something eerie about that line from Murdoch about News Corp. not being just him and 2) This is not going away. Not for a long, long time.

Print Wall Street Journal Has Had 17 Consecutive Quarters of Circulation-Revenue Growth

The Wall Street Journal has earned some bragging rights. It has the largest circulation in the U.S., and it’s share of the media seems to just keep growing.

Publisher Les Hinton sent a memo to staffers today noting the “many accomplishments to our collective credit.”

Our progress is measurable. Through the first nine months of fiscal 2011, Dow Jones revenue increased 5%. That figure includes strong results from the Journal’s U.S. print edition (ad revenue up 7%, circulation revenue up almost 8%) and its digital editions (ad revenue up 19%, circulation revenue up 22%). Our business-to-business operations, by the third quarter, were showing new strength after the extended impact of the financial crisis.

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Dow Jones Combines Journal, Newswire Operations

dowjones.jpgDow Jones & Co., the News Corp.-owned publisher of The Wall Street Journal, yesterday announced plans to merge its two biggest business units: its consumer and enterprise operations.

The restructuring combines the company’s consumer arm — which includes the Journal, MarketWatch and Barron’s — with its newswire and Factiva businesses. The move also includes an executive shakeup, with CFO Stephen Daintith taking on the role of chief operating officer of the company and Todd Larsen, COO of the Consumer Media Group, becoming president. Clare Hart, president of the Enterprise Media Group, is leaving the company where she has worked for more than 25 years.

Dow Jones CEO Les Hinton said the move was all about streamlining operations. “This structure will provide the focus to make us faster and better than our rivals at identifying and meeting customer needs,” he said in a statement.

Dow Jones also has a third business unit, the Local Media Group, which will continue to operate independently after the combination of the other two groups is completed.

Although the Journal had a banner year in 2009, becoming the number one paper in the U.S. based on circulation, it has not been immune from cuts, including the closure of its Boston bureau. In November, news surfaced that Dow Jones had hired consultancy McKinsey & Co., known for its brutal slashing of media companies like Condé Nast. Could this restructuring be a result of McKinsey’s influence?

Update: Our sister blog PRNewser reports that a Dow Jones spokesperson said the reorganization will have “no effect” on editorial staffing at the company.

Full release, after the jump

Previously: Dow Jones Taps McKinsey & Co.

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