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.”
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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.


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