Whitmarsh tips News Corp to survive scandal
(GMM) Martin Whitmarsh on Friday tipped News Corporation to survive its current turmoil.
As the phone hacking scandal worsened, media magnate Rupert Murdoch pulled the plug on News' UK tabloid News of the World and then dropped plans to buy the rest of BskyB.
And the implications continue to unfold, with News International chief executive Rebekah Brooks resigning and the billionaire Murdoch facing official investigations in the UK and potentially also the US and Australia.
Before the scandal erupted, News was linked with a potential buyout of F1's commercial rights, with leading teams including McLaren reportedly meeting to discuss becoming involved in the bid.
"Yes, they've got a lot of challenges at the moment in the UK, but nevertheless we all know that News International and News Corp will be alive and powerful in the media in 12 months' time," Whitmarsh, McLaren team boss and also chairman of the teams association FOTA, is quoted as saying on Friday.
"They will move on, but there will be casualties, as they've closed down a newspaper, which none of us would have believed two weeks ago," he told F1's official website.
"But News Corp is a 20 billion or whatever turnover news corporation, so I am sure they will remain a big player. But I don't think that formula one needs to rush into their arms," added Whitmarsh.