Logo

Murdoch: Economy Won’t Recover Quickly

Apr 2, 2009  •  Post A Comment

News Corp. Chairman and CEO Rupert Murdoch doesn’t think the economy will bounce back any time soon.
“I think the long-term situation is still very dangerous,” Mr. Murdoch said, responding to questions at the National Cable & Telecommunications Association’s Cable Show ’09. “I don’t think anyone has the answer if we’re coming out of it this year, next year or in five years’ time.”
For TVWeek’s comprehensive coverage of how the recession is affecting the TV industry, visit the Economic Crisis Navigator page.
Despite saying he prays he’s wrong, he stuck to his outlook that both the stock market and the economy are two or three years away from returning to normal.
One strong part of News Corp.’s portfolio: its cable networks, including FX and Fox News Channel.
“We find our cable channels are doing very well,” Mr. Murdoch said, because advertising dollars are flowing out of the Big Three broadcast networks because they can’t supply the audiences they one did and they charge more per impression than cable networks do.
“Money is flowing into nationally distributed cable channels,” he said.
Viacom CEO Philippe Dauman was a bit more upbeat.
“We saw some deterioration in January and February. It’s still very short in time, but in the last few weeks we’ve seen a plateauing on the ad sales front,” Mr. Dauman said.
“We’re starting to make some sales on the kids upfront and we’re doing pretty well,” he said.
“There are some advertisers who are increasing the spending” because they see an opportunity to increase their market share, Mr. Dauman added.

3 Comments

  1. Love all the opinions expressed here! How is everyone? Love how everyone expresses whatr they feel 🙂

  2. Took me time to look at every of the comments, except I in actuality loved the editorial. It proved being in truth ready to lend a hand to me with I am optimistic to every one of the commenters here! It’s generally kind when you be able to not just be informed, but in addition entertained! I am optimistic you had enjoyable writing this write-up.

  3. I am happy to locate so lots of practical information now during the post, we need enlarge additional strategies in this regard, thanks for sharing

Your Comment

Email (will not be published)