Posted on 08/08/2007 4:37:23 PM PDT by abb
Rupert Murdoch's News Corp. on Wednesday reported a higher profit in its fourth fiscal quarter, led by higher revenue and income at its cable networks, but the subject of the day was the media giant's buyout of Wall Street Journal publisher Dow Jones & Co.
News Corp. said that net income in the three months ending June 30 rose to $890 million, or 28 cents a share, compared with a year-earlier profit of $852 million or 27 cents a share. The prior-year figure included a gain of $134 million, or 4 cents a share, on its sale of Sky Radio Limited. Revenue rose to $7.37 billion from $6.78 billion.
Analysts polled by Thomson Financial expected News Corp. to post a profit of 28 cents a share on revenue of $7.27 billion.
Murdoch spent a considerable amount of time promoting the online market potential with the recent acquisition of Dow Jones & Co. for $5.6 billion.
News Corp.'s ownership of MySpace proved the potential of online properties, as sales have grown exponentially, Murdoch pointed out. He expects similar returns from Dow Jones online properties, including WSJ.com and MarketWatch, publisher of this report. "It's why we spent the last three months enduring the kind of criticism saved for some genocidal tyrant," Murdoch told a conference call with analysts. He was referring to repeated concerns that the Journal's integrity would be compromised, given Murdoch's reputed penchant for pushing coverage that furthers his business interests.
Murdoch said he wants to expand investment in all Dow Jones properties in Europe and Asia, and added he plans to expand non-business coverage at the Journal. Expanding the Journal's brand is high on his list, Murdoch said.
"We will have much more to say on how we plan to integrate and grow [Dow Jones properties]," Murdoch said.
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(Excerpt) Read more at marketwatch.com ...
ping
Inform the viewers of both sides, media empire grows. Inform the viewers of one side, the liberal side, media empire shrinks. Gotta love stupid liberals with a political agenda.
I’m of the opinion that we ain’t seen nothing yet.
It has occurred to me that there might have been an earlier News Corp attempt to aquire another family publishing house. That would be the Forbes family.
It didn’t turn out as planned but I think evolved into a sort of joint venture. Forbes and the various officers appear frequently on Fox. They have a very popular Saturday morning hour. Steve Forbes appears frequently and was on Cavuto today.
When the Fox Financial Network cranks up with cavuto et al, the Dow Jones/WSJ Crew and the Forbes higher up and staff, iot’s going to be a spectacular enterprise.
Business Week, Fortune, CNBC, NY Times........... further deterioration. They will not be able to compete.
I forgot to mention that Fox News has a double page ad in each issue.
Just died MSN media just died
Murdoch, the last of the media moguls.
I worry about what happens when Rupert is gone. I understand that at least one of his children is said to be liberal. Are the main stockholders lib as well after him? Can anyone answer this question?
Many people end up witha liberal kid...it's how they rebel, like wearing Goth outfits.
Then, the kid 1) gets mugged and 2) Buys a share of stock, and they outgrow it.
Unless they major in journalism.
I don't know the answer. But by the time Rupert departs (he's 76 and in good health) I think the media landscape will be so changed we wouldn't recognize it today. "Networks" as we know them today will be gone, along with their news divisions. Major metro newspapers will be extinct, along with their screeching op-ed columnists. These two entities who now set much of the news "agenda" won't be a factor anymore.
Big old mass media's Murdoch angst taken with their hatred of Conrad Black reminds me of election 2004. Early on moonbats got high by groupthinking an imagineered Kerry victory.
All the major polls -- and Zogby yesterday afternoon about 4:30 or 5:00 puts on his website that Kerry's going to get 311 electoral votes to Bush's 213. This is before a single vote has been counted. The Kerry people were on TV, and you could see it: They were giddy; they were happy. The snarl was gone from Tad Devine's face. Lockhart could barely contain himself. They were just giddy. They were excited. They could barely contain the fact that they knew they had "won," all through four in the afternoon, five in the afternoon, six in the afternoon.
A similar big old mass media groupthink high recently took place after Conrad Black's conviction.
Ebert said he'd take the paper back to its roots: he couldn't understand why readers in a staunchly working-class town like Chicago had to choose between two Republican papers. The Sun-Times can't go further right than the Tribune, so why try?
As we all know the Tribune burnished very impressive RINO credentials by using Republican Jack Ryan's divorce for a political hit job while totally ignoring Democrat John Kerry's divorce.
As Murdoch's victory settles in perhaps an upsurge of Post Murdoch Success Trauma will occur along the lines of Post Election Selection Trauma caused by Bush's victory.
I hope you are right. While theyare declining I am not so sure they are going that far that fast. But, I sure hope you are right.
http://publications.mediapost.com/index.cfm?fuseaction=Articles.showArticleHomePage&art_aid=65464
Fox Interactive Posts First Full Year Of Profitability
by Wayne Friedman, Thursday, Aug 9, 2007 6:00 AM ET
FOX INTERACTIVE MEDIA, LED BY its major MySpace property, reported that it had its first full year of profitability, with $10 million in operating income.
Fox Interactive pulled in $550 million for the year—$50 million more than the company projected. For the fourth-quarter fiscal period, Fox Interactive doubled its revenue to $183 million and took in $30 million in operating income.
Rupert Murdoch, chairman and CEO of News Corp., who participated on the conference call, said MySpace is on pace to pull in $800 million in revenue in the fiscal year 2008.
Recently, MySpace grew its unique monthly users on average by 1.5 million per month. Murdoch also noted that MySpace has added 2 billion in page views on average—recently reaching a big 4.3 billion in one month.
Murdoch touted the recent proposed deal to buy Dow Jones & Co. for $5.6 billion as a major asset that will reap benefits from News Corp.’s worldwide marketing machine. He said the prestigious financial publisher would greatly help News Corp.’s new Fox Business Channel, which will launch Oct. 15 with a minimum of 31.5 million subscribers.
Business news channel competitor, NBC Universal’s CNBC, has a long-term editorial deal with Dow Jones in which it can use its reporters and editors on air. The contract expires in five years.
Murdoch said the deal only applies to business news. “There are lots of other things we can associate ourselves with,” he said, but didn’t elaborate.
He told investors the valuation of the Fox Business Channel will exceed $4 billion quickly—which, he noted, is the current value of NBC Universal’s CNBC.
The toons show what the left wing mediots are really concerned about. Murdoch will hasten the demise of the NY Slimes with his new WSJ as the news center of record and reality. Last but not least, Murdoch will enforce reality as news not left wing lies, pr and agendas posing as news:
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