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strategy
by leon on May 6, 2009
Rupert Murdoch's News Corp has announced massive losses, and they come before the market imploded and advertising revenues dried up following the Lehman Brothers collapse. And that's a warning to the rest of the media and their investors. It's going to get a lot worse.
In this interview, republished here, Murdoch says his UK papers will lose money "for a year or three" and admits he was taken by surprise by the meltdown. "I never thought it would get this bad," he says.
That's a really bad scenario for newspapers everywhere.
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