SBD/8/Sports Industrialists

GO INSIDE NEWS CORP'S TAX AND ACCOUNTING STRATEGIES

          The "empire" of News Corp. Chair RUPERT MURDOCH was
     examined in a front-page feature by Paul Farhi in Sunday's
     WASHINGTON POST.  Murdoch became an American citizen in the
     mid-80's to comply with U.S. law prohibiting foreign
     ownership of TV stations, and those TV stations provide News
     Corp. "with the vast majority of its revenue and profit." 
     But "through the deft use of international accounting
     loopholes and offshore tax havens, Murdoch has paid corporate
     income taxes at one-fifth the rate of his chief U.S. rivals
     throughout the '90s."  Farhi added that there is "no
     suggestion from U.S. authorities of any impropriety" in the
     way Murdoch has done business and that the "international tax
     and accounting strategies employed by News Corp. may, in
     fact, make Murdoch a model for the 21-century entrepreneur --
     a captain of an industry who operates under so many flags at
     once that it's hard to know where his allegiances lie or how
     his businesses function" (WASHINGTON POST, 12/6).

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