Rupert Murdoch: I remortgaged my flat to set up Sky

Rupert Murdoch today revealed he had to remortgage his New York flat when Sky teetered on the edge of bankruptcy in 1990.

The billionaire media mogul defended his contribution to British public life, pointing out his immense contribution to newspapers and TV in this country.

He said: “Whatever happened at the News of the World, I have contributed to the plurality of the press — you wouldn’t be here with 10 papers today.

“The press today guarantees democracy and we want democracy rather than autocracy. I think we would all agree with that.”

The tycoon’s UK newspaper division, News International, funds the loss-making Times and Sunday Times.

Mr Murdoch also told of his troubles in setting up Britain’s first satellite broadcaster, Sky, in 1990, the cost of which almost sent him under.

He said he “personally pumped millions” into the fledgling technology and had to refinance his penthouse apartment in Manhattan to cover the costs. Mr Murdoch said: “I honestly believe newspapers … are a huge benefit to society.

“What we have here, and I take some credit for it, the industry was on its knees before the unions and 20 years behind the rest of the world. I took a very unpleasant and painful strike, as a result every newspaper has had a good run.”