News Corp. acknowledges recession hitting the ad market
By Leah McBride Mensching, Tuesday 11 March 2008 at 21:50 :: General :: #1384 :: rss
News Corporation CEO Rupert Murdoch said at a Bear Stearns conference Monday that he is becoming “a lot more pessimistic about the economy,” but believes things will look up in a year or two, especially for Dow Jones, Silicon Alley Insider reported.
“Wall Street Journal is simply a brand and a window into what we do. Dow Jones is what we bought. Big opportunity. May be in for a temporary downturn, for a year or so. But overall there's a big boom, especially in markets like China and India, and that's what we're going to take advantage of,” he said.
Murdoch also told the audience that News Corp. isn't looking to buy large properties, at least for the time being.
“We're comfortable with our debt. We don't have a lot of cash. We did have a lot, but we spent it on Dow Jones. We are not on the hunt for big multibillion dollar things. We think things will get cheaper by the way, and we might get tempted for smaller things. We're very happy with the profit drivers we have,” he said, according to Silicon Alley Insider.
News Corp. looks at buying Web assets “all the time. The VCs bring in things all the time, some of which are interesting, but they all have stupid prices on them. We're very cautious, sometimes too cautious. But it would be very easy to waste a lot of money on Internet sites,” he said.
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