Media mogul Rupert Murdoch announced despite growth in Russia's investment market, he is not satisfied with the status of the country's media industry, Gipp.ru reported Wednesday.

The Russian investment market has seen year-on-year growth of 20 percent (to US$30 billion) in foreign direct investments in the first half of 2008.

Murdoch, chairman of global media giant News Corporation, currently owns News Outdoor, a billboard advertising company in Russia. Murdoch announced that due to the state of the media industry, he should sell News Outdoor right away, Gipp.ru reported.

However, there have been no buyers yet showing interest in the $1.6 billion price tag, Russia Today reported Thursday.