News Corp sees U.S. economy hurting advertising

[UpInArms]

Source: Reuters

NEW YORK, May 7 (Reuters) - Rupert Murdoch said on Wednesday stress in the U.S. economy is squeezing advertising budgets, adding that News Corp's (NWSa.N: Quote, Profile, Research) Fox Interactive Media would miss an ambitious $1 billion annual revenue goal by 10 percent.

But FIM, which oversees the MySpace online social network, is a "very healthy" business and expects "well over" $1 billion in revenue in fiscal 2009, Murdoch said on News Corp's fiscal third-quarter earnings conference call.

"There's no doubt the consumer economy is stressed. You're seeing it affected in advertising, more short-term planning and booking," said the News Corp chairman and chief executive.

Read more: http://www.reuters.com/article/bondsNews/idUSN0729521520080508

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Long live irony!

Irony is dead!

I can only hope that this lousy mouthbreather dies a pauper as he has been one of the most corrupt pieces of shit to ever occupy space on this planet.

[musette_sf]

1. this week's winner of the No Shit, Sherlock award n/t

[Demeter]

2. I'll Drink to That! Death to the Opportunists and Fraudsters!

[Auggie]

3. Not fun -- people in the ad business lose their jobs when this happens.

Usually those working in the production end.

[MetaTrope]

4. You made this bed, Murdoch, but we're the ones sleeping in it

[lib2DaBone]

5. K&R No Advertising?

Maybe he could die a Slow Painful Death while he watches his fortune slip away day by day and he dies penniless and homeless. What a great thought! HAHAHAHahahaha... that is so FUNNY...and (Inspiring) The Audacity of Hope....:nopity:

[matt007]

6. Murdoch/Newscrap is responsible for alot of the Orwellian things going on.

I hate everything Newscorp is. Which is why i never entertain the idea of watching faux(not even for humor). I also refuse to get a myspace page EVER.

[dipsydoodle]

7. In terms of cause and effect

advertising is one of the roots of distress and evil. Its complete disappearance would be of no great loss to the world IMHO.

[Bush_MUST_Go]

8. NOW he cares? After he's helped cause the problems? Selfish bastard.

[annabanana]

9. I'm with you on this.

The only purpose of advertising & PR is to convince people they need stuff they don't and like stuff they don't

[The Doctor.]

10. I disagree.

Ask small business owners what local advertising can do for their business.

That aside, Anti-populists like Murdoch really need to learn what happens when you consistently screw the middle class... ultimately they stop buying shit..