According to Rupert Murdoch, News Corp. will boost subscription revenue from the Wall Street Journal, its Web site and Dow Jones by more than US$300 million annually over the next two to three years, Bloomberg reported Wednesday.

“They're grossly undersold,” Murdoch said at a conference held by Goldman Sachs Group Inc. in New York.

“Local television ad sales in the U.S. are bad, hurt by a drop in spending by automakers.” Murdoch added that News Corp. will rely on cable channels, Sky Italia and the Fox Interactive Media group to make up downturn in consumer advertising.

News Corp. won't be buying more newspapers, Murdoch said. The company sees the weakening economy as a great chance for its existing cable networks and newspapers to grasp more share, Bloomberg reported.

The company is “expanding its subscription-based services, such as in new media and cable networks,” according to Murdoch.

The Journal unveiled a redesigned Web site earlier this week, which limits news to paying readers in order to increase subscriptions and attract advertisers.

The company also plans to invest more outside the U.S., especially in emerging economies such as India.

News Corp. shares have declined 39 percent this year, Bloomberg reported.

Murdoch Wednesday blamed Wall Street analysts for News Corp.'s falling share price. “Every time we've done something in the last few years, the analysts have killed us. They thought I was crazy starting Fox News,” he said, according to Bloomberg.