May
06
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.
no comment untill now