Murdoch's News Corp. also suffers from economic crisis
Rupert Murdoch's News Corp. is suffering severely from the economic crisis. Operating income nearly halved to $755 million in the third quarter, which ended in late March. In contrast, the film business centered around the Hollywood studio Twentieth Century Fox and the cable TV division performed better than a year earlier.
Rupert Murdoch's News Corp. is suffering badly from the economic crisis. According to SDA, the operating result almost halved to 755 million dollars in the third quarter ended March. Sales slumped by almost 16 percent to just under 7.4 billion dollars. Murdoch expects operating profit to fall by almost a third in the financial year to the end of June. On the bottom line, however, the Group was recently able to slightly increase its surplus to 2.7 billion thanks to the sale of shares and a tax effect.
The traditional television business (Fox) and the news division (Times and Wall Street Journal) only narrowly missed being in the red. In contrast, the film business around the Hollywood studio Twentieth Century Fox and cable TV performed better than a year earlier. The movie business is booming, says Murdoch. The Group benefited from the success of "Slumdog Milionaire", for example, and superhero Wolverine alia Hugh Jackman is currently storming the charts.
News Corp. suffered the same fate as its competitors with the latest decline in earnings: Walt Disney, Time Warner and Viacom also suffered losses in the past quarter. The German Bertelsmann Group, Europe's leading media company, has just imposed the biggest cost-cutting program in the company's history and even warned of a possible loss below the bottom line for the current year.
The traditional television business (Fox) and the news division (Times and Wall Street Journal) only narrowly missed being in the red. In contrast, the film business around the Hollywood studio Twentieth Century Fox and cable TV performed better than a year earlier. The movie business is booming, says Murdoch. The Group benefited from the success of "Slumdog Milionaire", for example, and superhero Wolverine alia Hugh Jackman is currently storming the charts.
News Corp. suffered the same fate as its competitors with the latest decline in earnings: Walt Disney, Time Warner and Viacom also suffered losses in the past quarter. The German Bertelsmann Group, Europe's leading media company, has just imposed the biggest cost-cutting program in the company's history and even warned of a possible loss below the bottom line for the current year.
