Dominion's lawsuit against Fox News' is a disaster of Murdoch's own making.
But why did the network buy into this approach? Why did the hosts say things they knew weren’t true? Why did they destroy their journalistic reputation for the sake of lies?That’s were the second pernicious idea comes in — the “shareholder primacy norm” under which the sole duty of corporate officers and directors is to maximize profits for the benefit of shareholders.
, saying that corporations create sustainable long-term value when they focus on a corporate purpose that includes not just profits but also the welfare of other stakeholders such as employees, customers and society as a whole. And that’s exactly where we are with Rupert Murdoch and Fox News. Fox did not advertise blind adherence to shareholder primacy and profits above all else when they broadcast the “news,” but the evidence in the Dominion trial shows that Fox bought this shareholder primacy theory hook, line and sinker. They abandoned the core business purpose of a corporation in the news business — to investigate and broadcast the truth — for the sake of a secondary purpose: profits.
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