Murdoch ‘Far from Panicked’ by State of Ad Market

09 February 2001

Media tycoon Rupert Murdoch declared both himself and News Corporation - the multinational group of which he is chairman and chief executive – to be far from “panicked” by the current slowdown in the advertising market. The quality of NewsCorp’s business, the magnate declared, would overcome this trifle and lead to “a slightly better share of the market”.

Addressing analysts on Wednesday, Murdoch unveiled a 10% rise in Q4 operating profit to $562 million (£380m) from revenues of $3.85 billion. Across the globe, however, TV income fell from $221 million to $175 million, countered by buoyant ad revenues in the group’s UK newspaper division which resulted in an uplift of 19% in its operating income.

As to his machinations to acquire DirecTV, Murdoch was zip-lipped, conceding only that talks were “progressing”.

News source: The Times (London)