Oh dear, from the AFR:
Word from the Holt Street bunker is that its $30 million investment in Business Spectator is now all but worthless, but that News Corp management have been talking to potential buyers in recent weeks.
In 2012, when News Limited CEO Kim Williams paid through the nose (as he did for James Packer’s and Kerry Stokes’ share of Consolidated Media Holdings) to bolt Alan Kohler’s start-up onto The Australian, the digital news provider was easily subsidised by the 15,000 paid subscribers to their stock-tipping newsletter, Eureka Report. Not any more, with News reportedly having written down the value of the combined business to zero.
MB readers could have told them that when they bought it.
