Murdoch is making excuses, but in the real world nobody accepts such brutal losses with excuses. There’s trouble in right wing paradise.

Carey’s comments came as News Corp, owner of Twentieth Century Fox and the Times newspaper, reported a 24% slump in its third quarter profits as the success of Avatar proved tough to match.

News Corp reported a fall in net income to $639m (£387m), or 24 cents a share, from $839m, or 32 cents, a year earlier. Fox News reported its highest ever operating profit, but filmed-entertainment sales slid 36% to $1.55bn as the quarter’s movies didn’t measure up to Avatar, the biggest box-office movie of all time. Film earnings fell by half to $248m.

In a statement, News Corp chairman Rupert Murdoch said the third quarter figures had faced “challenging comparisons” thanks to the enormous success of Avatar a year ago. “Looking beyond our film business, I am delighted with the continued and significant operational momentum of our channels businesses,” he said.