CANNES: News Corporation chief operating officer Peter Chernin urged advertisers to spend their way through tough economic times as their marketing efforts will have more impact.

He and his boss Rupert Murdoch were sharing the benefit of their wisdom at the Cannes Lions 2008 advertising festival, which wrapped up at the weekend.

Declared Chernin: "Spending marketing money in tough times, in my opinion, it's the greatest investment you can make."

Murdoch was also determined to look on the bright side, insisting that the credit crunch and its global ramifications would be an opportunity for his business rather than a challenge. 

"We are in a very strong place with our earnings. We intend to plow right ahead and take advantage of it, hopefully, whenever we can," he said.

He was also upbeat about the future of his latest purchase, Dow Jones and its flagship title, the Wall Street Journal.

Murdoch told a packed audience that the share of revenue from digital businesses across the company could reach 75% "in a very few years". He said it currently stood at just under 50%.

Data sourced from USA; additional content by WARC staff