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For the first time Fox News outspent its competitors, with a total news investment of $686 million. 72% of this investment went to program costs, reflecting their focus on high-profile hosts. They also increased their revenues 17% over 2009 to $1.5 billion, well ahead of second-place CNN at $1.2 billion.
News Corp was established in 1980 by Rupert Murdoch as a holding company for News Limited.News Limited was founded in 1923 in Adelaide by James Edward Davidson, funded by the Collins House mining empire for the purpose of publishing anti-union propaganda; [9] [10] subsequently the controlling interest was bought by the Herald & Weekly Times.
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