At the annual sharholder meeting in New York, Rupert Murdoch said concerning the digital properties of News Corp. (NWS-A), they are starting to reap dividends for the company.
"Revenues have grown an average of 14 percent a year over the past five years and operating income is up 14 percent a year on average over the past four years," he said.
Murdoch also told shareholders that since January 1, the company has outperformed all other media stocks, and over a five-year period, has grown faster than its peers, as well as the broad market. He added that the market value of the company now exceeds all other media companies for the first time in its history.
As far as the expanse of Fox Interactive Media and its Internet portfolio, it now reaches over 160 million people around the world. He projects about $1 billion in revenue for its overall Internet business over the next year.
He also said because of the competitive marketplace and being a digital leader, the company will have to "constantly change and reinvent ourselves, seizing opportunities.
"That's what we did in fiscal 2007, what we're doing today and what we will continue to do, with ever-increasing energy and speed, in the years ahead."
» Rupert Murdoch's Report at Annual Shareholder Meeting from ManagersRealm
The upstart Fox Business Network and upcoming closing of the acquisition of Dow Jones & Co. (DJ) will take some time and patience to bring about the desired results, said News Corp. (NWS-A) chairman and CEO Rupert Murdoch at the... [Read More]
Tracked on: October 19, 2007 4:37 PM | Permalink to Trackback