Talking heads...once in a lifetime?

Inevitably the high drama of Murdoch & Son appearing before the Culture, Media & Sport Select Committee yesterday grabbed all the headlines and in between some of Murdoch senior’s Pinteresque pauses he really did say ‘I must not prejudice the cause of justice’, which was worth the two and a half hours of theatre alone.  Although his claim that Singapore is the example of democracy and freedom we should all aspire to does run it a close second.

However, it was ultimately an anti-climax, in part due to the apparent amnesia and lax management claimed by Murdoch senior and the patronising obfuscation of Murdoch junior.  But just as much it was due to the poor quality of most of the questioning, which was all too often convoluted, rambling and failed to pick up or challenge the unlikely answers offered to the committee.

Honourable exceptions were – unsurprisingly – Tom Watson MP whose pressing of Murdoch senior had James Murdoch desperately trying to intervene and Louise Mensch MP, whose closing questions finally asked direct questions about Rupert Murdoch’s own responsibility as CEO.  Which of course he denied.

Far more revealing and forensic was the Home Affairs Select Committee, that was relegated to a support act.  Which was a shame, as, in the course of three sessions with senior Metropolitan Police figures the dysfunctional nature of the Met. Police was laid bare.  Each witness contradicted each other, passed blame around and showed a remarkable lack of knowledge of their own processes.

21st Century South Sea Bubble

Remember when Myspace was Facebook?  The site everyone just had to have a page on?  Seems a long time ago now, but there really was a time.  In fact those of us of a certain age and disposition – i.e. anyone involved with an unsigned band – can remember the angst and worry going round when News Corp bought Myspace. 

Was every channel on Myspace now just a small part of the News International empire?  Well, yes, probably... Would Rupe have a claim on all the music we were uploading?  Perhaps, although push never came to shove on that one.

That was 2005 and £362 million changed hands.  Last week News Corp sold all but 5% of Myspace.  For £22 million.  Still a considerable chunk of change, but you don’t need to be an accountant to spot it isn’t the best bit of business the ex-Australian paperboy’s done.

But then, getting burned on a social networking site deal is probably not top of Rupert’s agenda right now...

The moral of this story is, the value of shares can go down as well as up.  Terms & conditions apply.