Decades-old chain to shutter its last locations in days as fans rush for final clearance items
The 82-year-old chain will close all of its remaining stores nationwide by Friday, marking the final chapter in a long, slow decline.
Joann stores across 47 states have been holding steep clearance sales since February — offering fabric, crafts, jewelry, and trim at up to 90 percent off as part of a massive liquidation effort.
Reddit users have chronicled the final days: 'The Joann's in Janesville and Madison, Wisconsin still have patterns at 80 percent off,' one shopper wrote. 'Tons of yarn, all marked down.'
Joann's demise has come fast. It filed for Chapter 11 bankruptcy in January in the hope of restructuring and keeping the business afloat. Initially, bosses planned to close 500 shops.
But just a month later bosses said Joann would close all its 800 stores. After shutting 255 in April, the rest will go by the end of the month.
Until 2018, it was known as Jo-Ann Stores but rebranded as 'Joann' to move beyond fabrics to embrace a wider range of crafts.
Fans of Joann were furious to learn the chain canceled gift cards on February 28.
Joann is the latest retailer to face challenges after experiencing a pandemic-era sales boom.
With Americans now returning to work, the surge in home crafting has significantly declined.
Home organization specialist The Container Store suffered the same fate, and filed for bankruptcy last month.
Joann's closures come after a widespread 'retail apocalypse' last year saw major companies file for bankruptcy and brick-and-mortar stores close in their droves.
Up until mid-December, US retailers shut 7,300 stores - up nearly 60 percent from 2023.
Customers are also required to make purchases in-store only, and all sales are final.
Now that Joann has bitten the dust, other craft retailers have been luring in its loyal customers.
One of its biggest competitors Michaels went so far as to write 'Welcome Joann customers' on its internet home page.
Burling Coat Factory is also planning to add 45 stores across the US in structures that were once home to Joann stores.
DailyMail.com has reached out to Joann for comment about the store closures.
Joann locations closing Friday
Alaska
Juneau - Nugget Mall
Alabama
Hoover - Riverchase Promenade
Huntsville - Huntsville Plaza
Mobile - Mobile Festival Centre
Arkansas
Fayetteville - Spring Creek Centre
Arizona
Avondale - Alameda Crossing
Bullhead City - Riverview Mall
Flagstaff - South Riordan Ranch Road
Gilbert - Santan Village Marketplace
Mesa - Buckhorn Plaza
Mesa - Santa Fe Square
Mesa - The Riverview at Dobson
Peoria - North Valley S/C
Phoenix - Ahwatuckee Foothills Towne Center
Phoenix - Desert Ridge Market Place
Prescott - Village At The Boulder
Queen Creek - Queen Creek Marketplace
Tucson - East Broadway Blvd
California
Buena Park - Buena Park Promenade
Chico - Skypark Plaza
Citrus Heights - Sunrise Village Shopping Center
Clovis - Clovis Crossing Shopping Center
Concord - Park & Shop
El Cajon - Fletcher Hills Town & Country
Elk Grove - Elk Grove Marketplace
Foothill Ranch - Foothill Ranch Towne Center South
Fresno - River Park Plaza
Hemet - Village West Shopping Center
Hesperia - High Desert Gateway
Huntington Beach - Towne House Plaza
Irvine - Von Karmen Plaza
La Habra - Westridge Plaza
Laguna Niguel - Former Ralph's Market
Manteca - Stadium Center
Northridge - Porter Ranch Town Center
Oceanside - Camino Town & Country S/C
Orange - Orange Park Plaza
Rancho Cucamonga - Town Center Square
Rancho Mirage - Monterey Marketplace II
Redding - Freestanding
Redlands - Orange Tree Marketplace
Roseville - Fairway Commons
Sacramento - Arden Square
Salinas - Westridge Center
San Diego - Point Loma Plaza
San Jose - Safeway SC
San Leandro - Greenhouse Marketplace
San Marcos - Grand Plaza
Santa Clarita - Centre Point Village
Santa Maria - Freestanding (Former Circuit City)
Sherman Oaks - Riverside Woodman Plaza
Simi Valley - Santa Susana Plaza
Stockton - Park West Place
Temecula - Commons At Temecula
Thousand Oaks - Conejo Valley Plaza
Torrance - Del Amo Fashion Center
Turlock - Monte Vista Crossing
Vacaville - Vacaville Commons
Visalia - Sequoia Plaza
Woodland Hills - Pride Center
Colorado
Aurora - Aurora City Square
Aurora - Saddle Rock Village
Centennial - Yosemite Park Mall
Colorado Springs - First & Main Town Center
Fort Collins - Thunderbird Plaza
Grand Junction - Mesa Mall
Lakewood - Freestanding, Former Circuit City
Littleton - Southwest Commons
Loveland - The Marketplace at Centerra
Westminster - Westminster City Center
Connecticut
Enfield - Freshwater Plaza
Manchester - Plaza At Buckland Hills
New Hartford - New Hartford S/C
Newington - Berlin Turnpike
Norwich - Ames S/C
Southington - Shop Rite Plaza
Torrington - Torrington Plaza
Delaware
Dover - Centre At Dover
Newark - Christiana Town Center
Florida
Altamonte Springs - Brantley Square
Bradenton - Shoppes at University Center
Daytona Beach - Volusia Plaza
Dunedin - Curlew Crossing
Fort Myers - Merchants Crossing S/C
Fort Myers - South Plaza
Jacksonville - Argyle S/C
Jacksonville - St Johns Town Center
Jensen Beach - Square One Shopping Center
Kissimmee - Target At Kissimmee West
Lady Lake - Village Crossroads
Naples - The Shoppes at Naples Center
Ocala - Shady Oaks Shopping Center
Orlando - Colonial Landing
Panama City - 23rd Street Plaza
Pensacola - Tradewinds S/C
Saint Petersburg - Tyrone Corners SC
Sarasota - The Landings
Tallahassee - Capitol Plaza
Tampa - Plaza At Citrus Park
Tavares - Village Market Place
Winter Haven - Shops At Avenue O
Yulee - Village of Amelia
Georgia
Alpharetta - North Point Commons
Athens - Freestanding
Columbus - Columbus Park Crossing
Decatur - Suburban Plaza
Gainesville - Lakeshore Marketplace
Kennesaw - Freestanding
Idaho
Boise - Federal Way Plaza
Nampa - Karcher Mall
Pocatello - Pocatello Square
Twin Falls - American Plaza
Illinois
Algonquin - Freestanding
Arlington Heights - Town & Country SC
Bloomingdale - Bloomingdale Court
Bloomington - Bloomington Commons
Chicago - Riverfront Plaza
Countryside - Countryside Plaza
Darien - Chestnut Court
Edwardsville - West Side Mall
Fairview Heights - Commerce Plaza
Geneva - The Shoppes At Geneva Commons
Moline - Freestanding Building
Naperville - Naper West Plaza
Orland Park - Lake View Plaza
Peoria - Metro S/C
Rockford - State Street Market
Springfield - Former Circuit City
Vernon Hills - Marketplace at Vernon Hills
Indiana
Avon - Avon Town Square
Bloomington - Whitehall Plaza
Clarksville - Waterford North
Evansville - Shoe Carnival Towne Centre
Fort Wayne - JOANN Plaza
Goshen - Market Centre
Greenwood - Greenwood Pavilion
Indianapolis - Castle Glen Plaza
Indianapolis - Greenbriar Shopping Center
Kokomo - Kokomo Shopping Center
Lafayette - Sagamore @ 26 Shopping Center
Merrillville - Merrillville Plaza
Mishawaka - Wilshire Plaza
Muncie - Northwest Plaza
Schererville - The Shoppes Of Schererville
Terre Haute - Honey Creek Commons
Iowa
Ankeny - Metro North Shopping Center
Cedar Rapids - Lindale Mall
Clive - Valley Court Shopping Center
Davenport - Village S/C
Dubuque - Plaza 20
Iowa City - Iowa City Marketplace
Waterloo - Crossroads Commons
Kansas
Overland Park - Overland Park S/C
Shawnee - West 63Rd Street
Topeka - Crosswinds Commons
Wichita - North Rock Road
Wichita - Westgate Market
Kentucky
Florence - Houston Lakes
Lexington - Crossroads SC
Louisville - Shelbyville Road Plaza
Louisiana
Baton Rouge - Siegen Lane Marketplace
Lafayette - Ambassador Row
Metairie - Wilshire Plaza
Maine
Bangor - Stillwater Avenue
Portland - Pine Tree S/C
Topsham - Topsham Fair Mall
Waterville - Jfk Mall
Maryland
Columbia - Columbia Crossing
Frederick - Frederick County S/C
Hagerstown - South End S/C
Parkville - Perring Plaza
Westminster - Westminster S/C
Massachusetts
Burlington - Middlesex Commons
East Walpole - Walpole Mall
Hanover - Hanover Commons
Middleton - Middleton Market Place
Milford - Milford Plaza
Natick - Worcester Road
North Attleboro - North Attleboro Marketplace
Pittsfield - Dalton Ave Plaza
Raynham - Shaw'S Plaza
Saugus - Broadway Shopping Center
Seekonk - Ann & Hope Plaza
Shrewsbury - Old Shrewsbury Village
Westford - Westford Valley Mkt
Michigan
Auburn Hills - The Auburn Mile
Benton Harbor - Scottdale Plaza
Brighton - Brighton Mall
Canton - New Towne Centre
Comstock Park - Former Best Buy
Flint - Genessee Commons S/C
Grand Rapids - The Shoppes At Centerpoint
Grandville - Century Center
Jackson - Wisner Street Plaza
Lansing - Frandor S/C
Lansing - Westland Shopping Center
Madison Heights - Madison Place S/C
Midland - Northwest Plaza
Mount Pleasant - Indian Hills Plaza
Norton Shores - Lake Crossings
Novi - West Oaks II
Portage - Toy'S R'Us Plaza
Rochester Hills - Hampton Plaza
Roseville - Freestanding (Former Circuit City)
Saginaw - Saginaw Square
Shelby Township - Shelby Town Center
Taylor - The Crossings At Taylor
Traverse City - East Bay Plaza
White Lake - White Lake Market Place
Ypsilanti - Valley View Center S/C
Minnesota
Alexandria - Viking Plaza Mall
Apple Valley - Apple Valley Square
Brainerd - Westgate Mall
Coon Rapids - Riverdale Village
Edina - Yorktown Mall
Elk River - Elk Park Center
Mankato - Madison East Mall
Maple Grove - Arbor Lakes S/C
Maplewood - Birch Run Station
Minnetonka - Bonaventure Plaza
Rochester - Rochester Marketplace
Roseville - Crossroads of Roseville
Saint Cloud - Division Street Plaza
Woodbury - Tamarack Village
Missouri
Ballwin - Central Plaza
Columbia - Rockbridge Shopping Center
Independence - Bolger Square
Joplin - Northpark Mall
Kansas City - Platte Purchase Plaza
Saint Louis - Former Circuit City
Springfield - Primrose Market Place
St Peters - Mid Rivers
Montana
Billings - Market Place
Bozeman - Gallatin Valley Mall
Great Falls - Holiday Village Mall
Kalispell - Brookstone Square
Missoula - Holiday Village
Nebraska
Lincoln - East Park Plaza
Omaha - Baker Square
Nevada
Henderson - Sunmark Plaza
Las Vegas - Best In The West S/C
Reno - Peckham Square
New Hampshire
Concord - Capitol S/C
Nashua - Nashua Mall Plaza
Newington - Newington Park
New Jersey
Cherry Hill - Garden State Pavilion
Colonia - Colonia Plaza
Deptford - Deptford Plaza
Lawrenceville - Mercer On One
Mays Landing - Festival At Hamilton S/C
Mount Laurel - Centerton Square
Paramus - Freestanding (Former Comp USA)
Riverdale - Riverdale Crossing
Shrewsbury - Shrewsbury Plaza
Succasunna - Roxbury Mall
Toms River - 1379 Hooper Avenue
New Mexico
Albuquerque - Cottonwood West Shopping Center
Farmington - Plaza Farmington
New York
Albany - Northway Mall
Amherst - Burlington Plaza
Blasdell - McKinley Milestrip Plaza
Bohemia - Sayville Plaza
Canandaigua - Roseland Center
Clay - Marketfair North
Fayetteville - Towne Center At Fayetteville
Horseheads - Southern Tier Crossing
Hudson - Fairview Plaza
New Hartford - New Hartford S/C
Penfield - Wegmans Plaza
Queensbury - Queensbury Plaza
Rochester - Southtown Plaza
Scarsdale - Midway Plaza
Vestal - Parkway Plaza
Westbury - Salisbury Plaza
Williamsville - JOANN Plaza
North Carolina
Asheville - Overlook Village
Charlotte - Carolina Pavilions
Durham - Oakcreek Village S/C
Fayetteville - Cross Creek Plaza
Greensboro - The Shoppes On Market
Morganton - Morganton Heights
Raleigh - The Falls Centre
Wilmington - University Centre
North Dakota
Fargo - TJ Maxx Plaza
Grand Forks - Columbia Junction Mall
Minot - Town & Country S/C
Ohio
Akron - Acme Plaza
Athens - Athens Mall
Cincinnati - Colerain Towne Center
Cincinnati - Eastgate Crossing
Cincinnati - Hyde Park Plaza
Columbus - Easton Square
Columbus - Lincoln Village Plaza
Dayton - South Towne Centre
Dublin - The Festival At Sawmill
Elyria - Midway Market Square
Fairborn - Beavercreek Towne Centre
Hudson - Darrow Road
Mansfield - Springfield S/C
Mason - Arbor Square
Mayfield Heights - Golden Gate
Medina - Medina Grande Shoppes
Mentor - Erie Commons
Middleburg Heights - Southland S/C
North Canton - Belden Parke Crossing
North Olmsted - Great Northern S/C
Piqua - Miami Valley Crossing
Reynoldsburg - Taylor Square S/C
Toledo - Freestanding (frm Circuit City)
Toledo - Reynolds Plaza
Youngstown - Shops @ Boardman Park
Oklahoma
Norman - Champtions Centre
Oklahoma City - Rockwell Plaza
Tulsa - Union Plaza
Oregon
Albany - Bi-Mart Plaza
Bend - Pioneer Crossing
Clackamas - Former Salvation Army
Corvallis - Corvallis Crossing
Eugene - Freestanding
Grants Pass - Grants Pass Shopping Center
Gresham - Gresham Town Fair
Hillsboro - Crossroads at Orenco Station
Ontario - SW 4th Ave
Oregon City - Molalla Avenue
Roseburg - Roseburg Marketplace
Salem - Lancaster Mall
Springfield - Mohawk Market Place
Tigard - Tigard Shopping Plaza
Pennsylvania
Cranberry Twp - Cranberry Mall
Dickson City - Dickson City Crossing
Downingtown - Ashbridge Square
Edwardsville - West Side Mall
Fairless Hills - The Court At Oxford Valley
Greensburg - Greengate Centre
Harrisburg - Colonial Commons
Lancaster - Parkview Plaza
Lemoyne - West Shore Plaza
Monroeville - William Penn Hwy
North Wales - Montgomery Commons S/C
Philadelphia - Boulevard Plaza
Pittsburgh - Robinson Town Centre
Pittsburgh - Ross Towne Center
Quakertown - Quakertown Plaza
Reading - Former Borders
Tarentum - Pittsburgh Mills
Warrington - Creekview Center
Whitehall - Macarthur Towne Center
York - South York Crossing
Rhode Island
Warwick - Marketplace Center
South Carolina
Myrtle Beach - Seaboard Commons
Spartanburg - Westgate Crossing
West Columbia - Fountain S/C
South Dakota
Sioux Falls - Plaza 41 (Former Holz Haus)
Tennessee
Chattanooga - Hamilton Village
Franklin - Cool Springs Market
Germantown - Shops of Forest Hill
Knoxville - The Centre at Deane Hill
Madison - Village Of Rivergate
Mount Juliet - Providence Marketplace
Murfreesboro - Towne Centre
Texas
Amarillo - Shops At Soncy
Austin - Shops at Arbor Walk
Austin - Southpark Meadows
Beaumont - Dowlen Town Center
Bryan - Tejas Center
Dallas - East Mockingbird Lane
Denton - Rayzor Ranch
El Paso - Yarbrough Plaza
Fort Worth - Hulen Fashion Center
Fort Worth - Ridgemar Town Square
Frisco - South Frisco Village
Houston - Meyerland Plaza
Houston - Willowchase Center
Houston - Witte Plaza
Humble - Deerbrook Marketplace
Katy - Price Plaza
Lewisville - Lakepointe Towne Crossing
Lubbock - Rockridge Plaza
Mc Kinney - Towne Center
Midlothian - Midlothian Towne Crossing
Plano - Village At Collin Creek
Round Rock - University Oaks
San Antonio - Bandera Pointe
San Antonio - The Pavillions
Spring - Woodlands Home Center
Sugar Land - Colony Square
Tyler - The Village at Cumberland Park
Waco - Central Texas Marketplace
Webster - Baybrook Village
Utah
Cedar City - Renaissance Square
Centerville - Centerville Marketplace
Clinton - Clinton Towne Center
Draper - Draper Retail Center
Logan - South Main Street
Riverdale - Family Center at Riverdale
Spanish Fork - Northgate Shopping Center
Tooele - Freestanding (Former Albertsons)
Vernal - Gardner Towne Center
Washington - Cotton Mill Shopping Center
Virginia
Charlottesville - Rio Hill SC
Chesapeake - Crossways Shopping Center
Fairfax - Fairfax Towne Center
Fredericksburg - Cosner's Corner
Midlothian - Westchester Commons
Roanoke - Tower Shopping Center
Sterling - Sugarland Crossing
Virginia Beach - Hilltop Plaza
Winchester - Millwood Pike
Woodbridge - Prince William Square
Vermont
South Burlington - Commerce Square
Washington
Arlington - Gateway Shopping Center
Bellingham - Sunset Square
Federal Way - Pavilions Centre
Kennewick - Columbia Center
Lynnwood - Lynnwood Center
Mount Vernon - Mount Vernon Plaza
Olympia - Target Place Plaza
Port Orchard - High Point S/C
Shoreline - Aurora Ave North
Silverdale - Silverdale Plaza
Spokane - East 29Th Avenue
Spokane - Five Mile S/C
Spokane Valley - Market Pointe I
Tacoma - Boulevard Centre
Tukwila - Southcenter Parkway
Vancouver - Orchards Market Center
Vancouver - Totem Pole
Yakima - Tieton Village S/C
West Virginia
Dunbar - Fletcher Square
Wisconsin
Appleton - Fox River Valley SC
Brookfield - Brookfield Fashion Center
Eau Claire - Oak Pointe Plaza
Green Bay - Bayside Market Place
Greenfield - Greenfield Fashion Center
Janesville - Marketplace at Janesville
Lake Geneva - Geneva Commons
Madison - East Town Plaza
Madison - Westland Plaza
Menomonee Falls - North Pointe Centre
Onalaska - Crossing Meadows Plaza
Oshkosh - Koeller Plaza
Racine - Regency Mall
Sheboygan Falls - Deer Trace Shopping Center
Wausau - Rib Mountain Drive
Wisconsin Dells - Market Place SC
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Telegraph
25 minutes ago
- Telegraph
Murdoch takes on Trump in press baron's last stand
When Rupert Murdoch stepped down as executive chairman of both News Corp and Fox just under two years ago, it was seen as a cautious first step into retirement for the nonagenarian media tycoon. Although still ultimately in charge of his empire, Murdoch has handed day-to-day responsibility over to his son Lachlan. Meanwhile, he has focused his attention on succession planning, including a bitter legal battle with his own children over the family trust. But any suggestion that Murdoch might slide into a quiet dotage now appears premature. Donald Trump's $10bn (£7.5bn) defamation lawsuit against Dow Jones, which publishes the Wall Street Journal (WSJ), is aimed squarely at Murdoch himself. The legal challenge is the latest salvo in Trump's increasingly aggressive assault on the media. It also sets up what will likely be a final battle for the world's best-known newspaper tycoon – and one that could define his legacy. As one of his former executives puts it: 'The American president has taken on Rupert Murdoch, an extraordinary media force for the last 50 years ... It's a box office story.' Trump's lawsuit relates to a WSJ story alleging that Trump sent the late paedophile Jeffrey Epstein a 'bawdy' birthday card complete with a drawing of a naked woman. Trump, who called the Journal's editor Emma Tucker from Air Force One in an effort to shut down the story, has branded it 'fake' and is seeking $10bn in damages. Trump has sniped at Murdoch, insisting the tycoon wants to settle. In a further provocation, lawyers for Trump last week filed a motion demanding an expedited deposition of Murdoch, citing the fact that the mogul is 94 and 'has suffered from multiple health issues throughout his life'. The scale of these alleged health issues was laid bare in a 2023 Vanity Fair article. It revealed Murdoch had been taken to hospital with a severe case of Covid-19, alongside several other incidents. Alex DeGroote, a media analyst, says the prospect of a trial in which Murdoch would have to take the stand is 'surely not a prospect Dow Jones and the WSJ want to entertain'. He adds that the tycoon may have been shaken by his recent legal clash with Dominion Voting Systems. In a case that signalled the end of Murdoch's cordial relations with Trump, Fox in 2023 agreed to pay $787m to settle a lawsuit with the voting machine company after the channel repeated the president's false claims that the 2020 election was rigged. That said, Murdoch would have a decent chance of success in any legal battle. Unlike in Britain, US libel laws are stacked in favour of the defendant. Trump will have to prove 'actual malice', meaning the WSJ knew the story was false and deliberately published it anyway. It is a high bar for Alejandro Brito, the Miami-based sole practitioner Trump has hired to represent him, to meet. Mark Stephens, a media lawyer at Howard Kennedy, says there are 'fundamental flaws' in Trump's lawsuit and it is likely to be thrown out, potentially as a Slapp [strategic lawsuit against public participation]. 'The case seems designed to try and chill down discussion of this topic, so you're trying to prevent public discussion of this issue and that has all the hallmarks of a Slapp,' he says. Yet it comes amid an increasingly aggressive assault on the media by Trump. The president has said the mainstream media is 'on notice' after securing settlements from both ABC and CBS in recent lawsuits. Alongside the financial and reputational implications, Trump can also cause problems outside the courtroom, as demonstrated by the move to ban the WSJ from a recent press trip to Scotland. The decision by CBS to capitulate in a $16m lawsuit filed by Trump has been widely interpreted as a way of securing approval for an $8bn takeover of its parent company Paramount. Stephen Colbert branded the settlement a 'big fat bribe' and was axed from the network shortly afterwards. By contrast, though, many believe Murdoch will not roll over and that the WSJ will stand by its reporting. '[Trump] assumes someone will settle and pay him an improbable amount of money, and I suspect that's not Murdoch,' says Stephens. The former executive adds: 'So many people think that Murdoch is the suppressor of a free press. Here you've got a very good example of the fourth estate standing up to the American president.' The source also points to the fact that two key figures – Robert Thomson, the Australian News Corp boss, and Emma Tucker, the British editor of the Journal – may be more willing to stand up to the US head of state than their American colleagues. Another senior figure who previously worked at News Corp agrees that Murdoch will 'close ranks' in defence. 'When you work there you're constantly under attack internally, except when something like this happens,' the executive says. 'They tend to fight hard amongst themselves in normal times, but when there's a crisis they say, 'We're backing you 100 per cent.'' Murdoch's support is not always longstanding, however. James Harding, the former Times editor who now runs The Observer, was quietly pushed out in late 2012 – reportedly after the tycoon baulked at his support for Obama in the presidential election. Could Tucker face a similar fate? It is far from the first time that Murdoch – a key inspiration for Logan Roy, the ruthless media patriarch in HBO hit Succession – has courted controversy or gone into battle against powerful foes. His reputation was cemented during the Wapping dispute, a year-long stand-off with print workers in 1986 in which the tycoon eventually broke the powerful unions. Perhaps most notorious, however, were revelations that journalists at the News of the World had eavesdropped on private messages. While Murdoch has always insisted that he did not know phone hacking was going on at his publication, he was forced to shutter the tabloid and his UK publishing empire has paid out more than £1bn in compensation and other related costs to victims. In the Murdoch empire, even family members are not off-limits in pursuit of victory in business. The patriarch last year clashed with three of his children – Prudence, Elisabeth and James – over his attempt to change the family trust to hand over complete control to Lachlan. Following a high-profile legal battle that drew comparisons to Succession, Murdoch was ultimately defeated, setting the scene for an almighty tussle over his legacy. But his battle with Trump highlights the conflicting positions Murdoch is required to hold as the owner of news outlets that are, variously, sycophantic to Trump and doggedly determined to hold him to account. What's more, it raises fundamental questions about whether it is his commercial interests or passion for journalism that will ultimately win out. Murdoch once claimed that the reputation of his media outlets was 'more important than the last hundred million dollars'. Yet the tycoon has previously been accused of cosying up to China's communist regime and indulging censors in Beijing in an effort to protect his business interests. Ahead of his takeover of Dow Jones in 2007, a group of China-based WSJ writers accused the mogul of 'sacrificing journalistic integrity to satisfy personal and political aims'. In 1998, he ordered publisher HarperCollins to kill a book by Chris Patten, Hong Kong's last British governor, because of its critical stance towards Beijing. In his latest legal battle, it is not Chinese authorities that Murdoch must be sensitive to, but his own Trump-supporting audiences. In a sign that Murdoch is looking to expand his influence in new areas, News Corp this week unveiled plans to open a new outpost of the New York Post based in Los Angeles. Robert Thomson, the News Corp boss, vowed the new title, dubbed The California Post, would be an 'antidote to the jaundiced, jaded journalism that has sadly proliferated'. Playing both sides While Dow Jones has said it will 'vigorously defend' against any lawsuit, both Fox and the New York Post have remained silent on the issue, suggesting Murdoch may be trying to play both sides. DeGroote says: 'Would it be in his commercial interest to wreck the relationship between his own viewers, his own readers and his titles by being seen to pursue an anti-Trump agenda?' The WSJ is by no means a struggling newspaper business. It had more than 4.3 million subscribers at the end of March, while Dow Jones posted quarterly revenues of $31m. Fox, which pulled in $1.6bn from its cable network in the same three month period, remains the real money-spinner, however. While British broadcasters are struggling to retain viewers in the streaming age, Fox News continues to dominate the US ratings with an average primetime audience of 2.6 million in the second quarter. At the same time, it has been making advances in its digital offering. Fox recently struck a licensing deal with Ruthless, a popular podcast hosted by Republican influencers, while it is set to launch a new streaming service this autumn. Murdoch's supporters argue that he will not be swayed by commercial interests. 'The value of those companies has only grown and I think he takes a really long view – certainly long for someone who's 94 years old,' says the former News Corp executive. Others believe Trump's decision to take on the mogul will backfire. Stephens says: 'By taking this suit he's potentially putting the entire Murdoch press offside. Is that sensible for a Republican president? Essentially the megaphone to Trump's base is held by Rupert Murdoch.' He adds that this is an example of the so-called Streisand effect, where efforts to cover something up only result in greater public awareness. It is not lost on many, however, that Murdoch may prove to be the last true press baron. The role of the newspaper proprietor has traditionally been a powerful one, steering a title's editorial direction and wielding influence over presidents and prime ministers. William Randolph Hearst, the inspiration for the titular character in Orson Welles' classic film Citizen Kane, is often considered to have helped push the US into the Spanish-American war at the end of the 19th century thanks to sensationalist reporting in his tabloids. Lord Beaverbrook, the Canadian-British newspaper publisher whose empire included the Daily Express, has taken credit for the downfall of David Lloyd George's post-war government in 1922. Murdoch must now decide whether he is up for a blockbuster fight with the president that would almost certainly define his legacy as a newspaper man. His stance will also be crucial for Tucker, whom he elevated from editorship of The Sunday Times to lead the WSJ newsroom in 2023. The Briton's willingness to make difficult decisions appears to have impressed Murdoch and she is generally well-regarded at the US newspaper, despite a backlash last year, when journalists plastered her office in Post-it notes in protest against job cuts. That was a minor skirmish from which she emerged unscathed. The stakes for Tucker now, as she comes under Trump's legal assault, could scarcely be higher. For Murdoch, the reputation he has cast for himself over decades as a bulwark of a free press is on the line. Murdoch's status is unique. Jeff Bezos, owner of The Washington Post, is undoubtedly a mogul and a far wealthier one, but with tech rather than media values. His tendency to intervene in his publication in ways that have pleased Trump has already come under scrutiny. 'This is the last of the big tycoons in newspapers,' says Murdoch's former lieutenant. 'There's just a lot less money to be made in newspapers than there was and so it won't produce these very powerful media tycoons in a world where the media landscape is pretty fragmented and atomised.' 'Any number of people might have more money than Murdoch and they might even desire to have that level of influence, but they may not know how to do it. It's a skill to remain relevant and ultimately what he's done is stay relevant.' As a result, the newspaper proprietor in its traditional sense – as a wielder of political power and influence – seems an endangered species. So as Murdoch faces down the president of the United States, it may be the last stand for the last press baron.
Reuters
25 minutes ago
- Reuters
Diageo delivers on annual forecasts, shares jump
Aug 5 (Reuters) - Diageo (DGE.L), opens new tab forecast flat full-year sales on Tuesday, despite a $200 million impact from tariffs, helping reassure investors after a period of demand and share price turbulence, a sudden CEO exit and trade war worries. Shares in the world's top spirits maker rose over 6% in early trade, after Diageo also reported full-year profit ahead of expectations for its 2025 financial year, which ended in June. The maker of Johnnie Walker whisky and Smirnoff vodka has been battling with prolonged sales weakness, worries about its management and ever-changing U.S. tariff threats. Following the surprise exit of former CEO Debra Crew last month, it is now looking for a new CEO, opens new taband finance chief, opens new tabto turn around its performance, and guide it through a plan announced in May to cut costs and make substantial asset sales by 2028. Interim CEO Nik Jhangiani told journalists on a call that the board is working quickly and he expected a decision on who will take the helm permanently by the end of October. "We have delivered what we said we would deliver," he said of the company's full-year performance, adding however there was a lot more to do to get the company back to full potential. All spirits makers have struggled amid prolonged, industry-wide sales declines as high interest rates and inflation have hit consumers' wallets. Diageo's shares have been hammered in recent years, losing 30% of their value this year alone and an even steeper decline since highs seen in 2022, when spirits sales were booming. Rising competition from alternatives like cannabis drinks, shifts towards drinking less, the emergence of weight-loss drugs and threats of steep tariffs in the U.S., Diageo's largest market, have also made investors nervous. Analysts said Diageo's performance and outlook for its current financial year were encouraging in a difficult environment, and in line with forecasts. "These results might not be awesome in our opinion, but they fulfil the first criteria of consumer staples companies in that they were as expected," James Edwardes Jones, analyst at RBC Capital Markets, said in a note. Diageo forecast organic sales would fall slightly in the first half of its 2026 financial year - which runs to end-June 2026 - with growth more weighted towards the second half. It increased the estimated impact of tariffs for the year from $150 million previously, and also increased its cost savings target to $625 million, about $125 million more than its previous aim. Diageo faces tariffs of 10% and 15% on the United Kingdom and European Union under trade deals brokered with Washington, though spirits companies still hope to win an exemption in talks with the EU. Organic sales increased 1.7% in fiscal 2025, beating analysts' average forecast of 1.4% in a company poll.
Reuters
25 minutes ago
- Reuters
Dollar edges up vs euro and yen, but still close to Friday's lows
Aug 5 (Reuters) - The dollar edged up against the euro and the yen, but remained within striking distance of Friday's lows, after weak U.S. jobs data boosted bets on Federal Reserve rate cuts and triggered a sharp selloff in the greenback. Goldman Sachs expects the Federal Reserve to deliver three consecutive 25 basis-point rate cuts starting in September, with a 50 basis-point move possible if the next jobs report shows a further rise in unemployment. It also sees the European Central Bank as having concluded its easing cycle. Economists raised their growth forecasts for the euro area and Japan following relatively benign trade agreements, while arguing that Friday's U.S. jobs report confirmed the economy is hovering near stall speed. Meanwhile the firing of the head of the Bureau of Labor Statistics (BLS) on Friday, and the resignation of Fed Governor Adriana Kugler, could harden the views of the FOMC to ensure its independence is protected, analysts said, recalling that the new appointee will be just one vote on the Fed's Federal Open Market Committee (FOMC). The euro was last down 0.12% at $1.15592, after hitting on Friday $1.15855. The dollar index , which measures the U.S. currency against six counterparts, was at 98.816, after touching a one-week low earlier in the session at 98.609. "Traders likely inferred that the (U.S. jobs) report gave President Donald Trump even more justification to 'fire' Jay Powell," said Thierry Wizman, global forex and rates strategist at Macquarie Group. "Alternatively, it gave Trump even more support for giving the Chairmanship to someone that would be more 'structurally' dovish," he added, arguing that Friday's employment report shifted the outlook for where the Fed Funds rate target will be one year from now. Money markets are now pricing in a 92% chance of the Fed cutting rates in its next meeting in September, compared with 63% a week earlier. They also indicate 130 bps of rate cuts by October 2026, 30 bps more than the levels seen on Friday before U.S. jobs data. The Japanese yen was down 0.14% at 147.3 per dollar after minutes of its June policy meeting showed a few Bank of Japan board members said the central bank would consider resuming interest rate increases if trade frictions de-escalate. The focus remains on tariff uncertainties, after the latest duties imposed on imports from scores of countries last week by Trump stoked worries about the health of the global economy. The Swiss franc extended losses for a second day, weakening 0.1% to 0.8089 per dollar after dropping 0.5% in the previous session. However it was still above the levels seen before Friday's economic figures, at around 0.8128. Switzerland is looking to make a "more attractive offer" in trade talks with Washington, to avert a 39% U.S. import tariff on Swiss goods that threatens its export-driven economy. In other currencies, the Australian dollar eased 0.05% to $0.6464, while the New Zealand dollar slipped 0.1% to $0.5898.
