News Corp. CEO Rupert Murdoch spoke today at the conglomerate’s annual shareholders meeting and talked about a diverse portfolio, the company’s $5 billion “war chest” and the expectations for Fox Business Network, MediaPost reports. Of the year-old fledgling network Murdoch said, “It’s on its way to becoming a formidable challenger” to CNBC and compared it to his other brainchild, Fox News Channel. Murdoch said the ratings for FBN are comparable to FNC’s at around the time of its first anniversary. Murdoch expects News Corp. to pull even by year’s end, perhaps turning up a small profit.
—Christopher Perez