Awwww. Faux's parent company suffers a $6.4 billion loss.......

[marmar]

:nopity: :nopity: :nopity: :nopity:



News Corp. swings to $6.4 bln loss on charge
By David B. Wilkerson, MarketWatch


CHICAGO (MarketWatch) -- News Corp. on Thursday said it swung to a $6.4 billion quarterly loss reflecting the sharply reduced value of its television stations and newspaper assets in the wake of the worldwide financial meltdown, and issued a grim outlook for the remainder of its fiscal year.

"Our results for the quarter are a direct reflection of the grim economic climate," said Chairman Rupert Murdoch in a statement. "While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought."

Murdoch added that the media company will "reduce headcount where appropriate" as part of its effort to cut costs. Separately, The Wall Street Journal disclosed plans to cut about 25 newsroom positions, through layoffs, buyouts and the elimination of job openings.

Chief Financial Officer Dave DeVoe told analysts Thursday that the company now expects that operating income will drop about 30% in fiscal 2009 from the $5.13 billion it reported for fiscal 2008.

"This guidance assumes no further weakening in the advertising markets and of economic conditions," DeVoe said during a conference call. "I stress that we have less than perfect visibility into the markets." ........(more)

The complete piece is at: http://www.marketwatch.com/news/story/News-Corp-swings-64-billion/story.aspx?guid=%7B302F7478%2DA077%2D4A3B%2DAE25%2DFC557471E153%7D

[grannie4peace]

1. damn shame

:sarcasm: :sarcasm: :sarcasm: :sarcasm: :applause: :applause: f u murdock

[treestar]

2. It doesn't reflect the grim economic climate

Anyone who as a TV can watch regardless. It reflects that their product is inferior.

[NOW tense]

3. What if they had to close the Wall Street Journal?

Would that be a bad sign of the times?

[Ganja Ninja]

4. Maybe we should keep embracing the Bush economic policies.

Keep this up and Rupert will be standing in the soup lines with everybody else.

[TheCowsCameHome]

5. Why do I not feel a tinge of sadness here ...........

Oh yeah, it's Faux News, that's why............

[KharmaTrain]

6. Here's The Dirty Lie...

When you read of these kind of "loses"...they're based on projections that were never realistic in the first place. This is the re-evauation of their over inflated stock prices that came crashing back to reality last year. Yep, their operating income drop of 30% is a big deal...it's "average" for the broadcast industry, but that 6.2 billion is based on a phony stock price that was overvalued to start with.

There are big time problems in the broadcast world...the years of greed and "consolidation" has driven people away from newspapers and teevee to internet and IPODs.

The schadenfraude here is that Rupert overspent for a lot of teevee stations over the psat couple years (he paid 500 million for one here in Chicago) and there are no companies out there that are buying that he can dump his losses on. He'll have to eat this one for a while.