Steve Forbes: Murdoch Will Survive, Thrive

Embattled News Corp. chief Rupert Murdoch will survive the phone hacking and police bribery scandal rocking his company, and deservedly so, declares Forbes magazine Editor in Chief Steve Forbes.

Rupert Murdoch, testifying before Parliament today, said his reporters' phone hacking left him "shocked, appalled and ashamed." (AP Photo)

Writing in Forbes magazine, the former Republican presidential candidate observes that “every great leader faces a supreme crisis that can destroy everything he has built and for which there is no playbook.”

Forbes compares Murdoch with several prominent persons who survived a great crisis, including Murdoch himself, whose company faced staggering debt 20 years ago and was seen as so shaky that its bonds were yielding 47 percent.

Murdoch overcame that crisis and saved his company, and he will overcome the current crisis as well, Forbes says, stating: “As in 1991, Murdoch will survive to fight and thrive another day — and deservedly so.”