????1973年,，默多克悄然進(jìn)軍美國(guó)，首先以1,，800萬美元的價(jià)格，收購(gòu)了圣安東尼奧市兩家勉強(qiáng)盈利的報(bào)紙,。第二年,，他高調(diào)創(chuàng)辦了《星報(bào)》（Star），這是繼周報(bào)《國(guó)家詢問報(bào)》（National Enquirer）之后,，又一份轟動(dòng)全國(guó)的報(bào)紙,。在此之后,，他先后收購(gòu)了《紐約郵報(bào)》；《紐約》雜志（New York）,；紐約的一份極左周報(bào)《鄉(xiāng)村之聲》（Village Voice）,；以及《波士頓先驅(qū)報(bào)》（Boston Herald）。

????而在美國(guó)之外,，他吞并了倫敦的《泰晤士報(bào)》,，并獲得了澳大利亞航空公司安塞特運(yùn)輸工業(yè)公司（Ansett Transport Industries）一半的股份,。與安塞特的交易充分展示了默多克的狡猾；在四年時(shí)間里,，該公司僅一半的留存收益和額外紅利便已經(jīng)超過了他1億美元的收購(gòu)價(jià)格,。

????默多克收購(gòu)的報(bào)紙大部分都是勉強(qiáng)盈利或徹底虧損，但他的收購(gòu)活動(dòng)并沒有表面看起來那么魯莽,。大多數(shù)情況下,，他所挑選的資產(chǎn)，其價(jià)值都被疲軟的表現(xiàn)所掩蓋,。為了收購(gòu)持續(xù)虧損的《波士頓先驅(qū)報(bào)》，他付出了100萬美元現(xiàn)金和700萬美元未來利潤(rùn)（如果有的話）,，但實(shí)際上這筆交易還包括房產(chǎn),，僅這部分的價(jià)值便接近700萬美元。

????《泰晤士報(bào)》所附帶的房產(chǎn)和固定資產(chǎn)價(jià)值更是默多克收購(gòu)價(jià)格的兩倍,。除此之外,，《泰晤士報(bào)》還帶來了更加豐富的資源,。通過這份報(bào)紙,，默多克獲得了新聞與金融信息服務(wù)公司路透集團(tuán)公司（Reuters Ltd.）4.6%的股份。一旦公司股東確定利益分配方式,，路透集團(tuán)公司將會(huì)上市,，屆時(shí)公司總市值將達(dá)到15億美元甚至更高。4.6%的股份將為默多克帶來6,，900萬美元。默多克還通過其他報(bào)紙,，持有路透6.4%的股份,。或許,，他看重的正是這些隱性資產(chǎn),。不過，他堅(jiān)持認(rèn)為,，路透集團(tuán)股票所帶來的財(cái)源“純粹是走運(yùn)”。

????之后,，新聞集團(tuán)開始鞏固其在澳洲,、英國(guó)和美國(guó)的戰(zhàn)果，在兩年時(shí)間內(nèi),，公司收益增長(zhǎng)了14%,，達(dá)到14億美元。但由于這些結(jié)果都以美元計(jì)算,，因此新聞集團(tuán)的真正收益要高于這個(gè)數(shù)字。新聞集團(tuán)的大部分業(yè)務(wù)都是以澳元和英鎊結(jié)算,，而這兩種貨幣的價(jià)值相比美元都出現(xiàn)了下跌,。如果按照澳元計(jì)算，過去兩年,，新聞集團(tuán)的收入增幅高達(dá)41%,。1982年,，不計(jì)算與匯率相關(guān)的收益與損失，公司的利潤(rùn)僅為43%,，而去年則增長(zhǎng)了98%,。1983財(cái)年，公司的利潤(rùn)為6,，990萬美元,。

????去年早些時(shí)候,，隨著新聞集團(tuán)收益的突然好轉(zhuǎn),，公司的股票也直線攀升。（股票在澳大利亞交易,，并在紐約進(jìn)行柜臺(tái)交易）,。當(dāng)時(shí)有傳言稱路透集團(tuán)公司即將上市，因此,，新聞集團(tuán)的股票再度暴漲。而投資華納公司的消息傳出后,，公司的股票又出現(xiàn)了新一輪上漲,，近期公司的股價(jià)達(dá)到11.80美元,，約為1983年初的五倍。

????盡管公司股票漲勢(shì)喜人,，但新聞集團(tuán)的利潤(rùn)率和資產(chǎn)回報(bào)卻一直低于出版公司的一般水平,。1983財(cái)年，公司的資產(chǎn)回報(bào)率為6.4%,，而同一時(shí)期,，美國(guó)七大出版公司的平均資產(chǎn)回報(bào)率為9.1%。但新聞集團(tuán)同年的股本回報(bào)率卻達(dá)到驚人的22.4%,，遠(yuǎn)遠(yuǎn)超過其他七家公司。這是因?yàn)槟嗫伺e借了驚人數(shù)額的債務(wù),，以維持所謂的“舉債經(jīng)營(yíng)”,。新聞集團(tuán)的債務(wù)資本比率為0.8，而其他大型出版公司的平均比率僅為0.3,。

????Murdoch stole quietly into the U.S. in 1973, buying two marginally profitable papers in San Antonio for $18 million. The next year he splashily launched the Star, a knock-off of the sensational weekly National Enquirer. Then came the acquisitions of the New York Post; New York magazine; the Village Voice, a far-left New York weekly; and the Boston Herald.

????Outside the U.S., he gobbled the Times of London and took his half interest in Ansett Transport Industries, the Australian airline. The Ansett deal showed how crafty Murdoch could be: in four years his half of retained earnings and a special dividend have already exceeded his $100-million purchase price.

????Murdoch's newspaper buys -- mostly marginal profitmakers or outright losers --haven't been quite as reckless as they might appear. In most cases, he picked up assets whose value was masked by dismal performance. He paid $1 million in cash and $7 million in future profits, if any, for the money -- losing Boston Herald, but the deal included real estate worth an estimated $7 million.

????The Times came with real estate and fixed assets worth twice as much as Murdoch's purchase price. But the Times brought a much richer lode. With it Murdoch got 4.6% of Reuters Ltd., the news and financial information service. Reuters probably will go public once its shareholders decide how to divide the spoils, and its total market value could be $1.5 billion or more. The 4.6% could bring Murdoch more than $69 million. Murdoch owns 6.4% of Reuters through his other papers and presumably could have spotted that hidden asset. He insists otherwise, saying that the prospective bonanza from the Reuters shares is "sheer luck."

????In the two years since News Corp. began consolidating results from Australia, Britain, and the U.S., revenues have increased 14% to $1.4 billion. Because these results are stated in U.S. dollars, however, they understate the true gains. Most of News Corp.'s business is conducted in Australian dollars and British pounds, both of which have fallen relative to the U.S. dollar. Measured in Australian dollars, revenues jumped 41% over the last two years. Profits before currency-related gains and losses were down 43% in 1982 and up 98% last year. The fiscal 1983 profits were $69.9 million in U.S. dollars.

????The sharp turnaround in earnings sent News Corp.'s stock rocketing early last year. (The shares trade in Australia and over the counter in New York.) When rumors spread that Reuters would go public, the stock kicked in the afterburners. Nudged up again by the news of the investment in Warner, the shares recently were selling at $11.80, up nearly fivefold since early 1983.

????Despite its impressive growth, News Corp.'s profit margins and return on assets have been below par for a publishing company. Its return on assets was 6.4% in fiscal 1983, vs. an average of 9.1% for the seven largest U.S. publishers in the same period. News Corp.'s return on equity, on the other hand, was a stunning 22.4% in fiscal 1983, higher than any of the seven. That's because Murdoch operates with a phenomenal amount of debt, or gearing, as Australians call it. The debt-to-equity ratio is 0.8, vs. an average 0.3 for the other large publishing companies.