Peter Kafka

Recent Posts by Peter Kafka

News Corp.’s PhoneGate Tab Keeps Rising

News Corp. says investigations into the PhoneGate scandal cost it $87 million in the last quarter. That’s on top of $17 million in legal/advisory fees in the previous quarter, plus a $91 million restructuring charge the company took when it shuttered the News of the World. The media conglomerate, which owns this Web site, reported adjusted earnings of $0.39 a share and revenue of $8.98 billion; Wall Street had been expecting $0.34 a share and $8.94 billion.


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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work