Rupert Murdoch says, "The worst is over." The News Corp. CEO, noting he has been uncharacteristically pessimistic on recent earnings calls, now says "the days of precipitous declines are over" and that "we are beginning to see a number of bright spots." For TVWeek's...
Investment firm Sanford C. Bernstein on Wednesday released a new pessimistic report on media company earnings. “The recent run-up in media stocks suggests investors are looking past the horrid near-term trends to a happier place off in the horizon,” said analyst Michael Nathanson in a report. “However...
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Wed, Apr 8 2009
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Filed under: Broadcast, Cable, Digital, Advertising, CBS, Viacom, Syndication, Research, Earnings, Time Warner, News Corp., Economy, Walt Disney Co.
Media companies just aren’t worth what they used to be. News Corp. and Time Warner last week both took billion-dollar writedowns against quarterly earnings as the economy lowered the value of some of their assets. The industry titans said the downturn was steeper than anticipated and the watchword going...
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Sun, Feb 8 2009
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Filed under: Broadcast, Cable, Advertising, Print Edition, Earnings, Scripps Networks, Time Warner, Jeff Bewkes, Rupert Murdoch, News Corp., Economy
Citing a weak economy and a deteriorating advertising market, News Corp. on Thursday said it expected its operating income to be down about 30% for this fiscal year. In November, News Corp.’s guidance to investors was that operating income would decline by a percentage in the low- to mid-teens. In August...
Fox Broadcasting parent News Corp. said today that its fiscal first-quarter earnings fell 30% as a drop in profit from its broadcast and local television operations more than offset a boost in earnings from cable network programming. The company, factoring in the U.S. economic downturn’s effect on local...