Murdoch vies for Newsday, as Australia is 'booming'
By Leah McBride Mensching, Thursday 8 May 2008 at 23:35 :: Media Ownership :: #1638 :: rss
As News Corporation Chief Executive Rupert Murdoch gave thanks to strength in his Australian businesses Thursday, he also kept an eye trained on New York newspaper Newsday.
News Corp. is sticking with its US$580 million bid for Newsday, the Chicago Tribune reported Thursday.
“... despite apparently being outbid, News Corp. Chairman Rupert Murdoch believes he ultimately will wind up with Tribune Co.'s Long Island, N.Y., newspaper,” the Tribune reported. Cablevision Systems Corp. bid $650 for the tabloid last week, days after sources reported Murdoch making a deal in principle with Tribune Co. Chairman and Chief Executive Sam Zell.
Murdoch said Wednesday that he trusts Zell “absolutely,” according to the Tribune.
In a briefing Thursday on News Corp.'s third-quarter financial results, Murdoch said strong showings in Australia are a factor in overall earnings increases, The Sydney Morning Herald reported.
“In Australia it's just booming, it's going up all the time,” he said, according to The Sydney Morning Herald.
After-tax profit for the three months ending March 31 jumped by 209 percent, to US$2.69 billion (AU$2.86 billion), compared to the same period last year.
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