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 Send to email | News Corp. Estimates Cut On Ad Meltdown in General |  By Silicon
el 10-Oct-2008 |  Just so you have no illusions, nobody's going to get through this unscathed. Viacom just warned, and now News Corp. is getting its estimates reduced. Pali's Rich Greenfield, who knows a thing or two about the company, has reduced his full-year 2009 estimates by $.10 to $1.16. Current consensus is $1.24. The issues: A local ad meltdown affecting the newspaper business and TV stations and a decline in filmed entertainment.
Says Greenfield:
The greatest cut in our estimate is in News Corp's Television segment, and primarily in the
O&O Station group, where trends appear to be deteriorating rapidly. Our forecast now
assumes a near 20% organic TV operating income decline in FY09 (the estimated reported
decline is a higher 27% given recent TV station asset sales).
But it's not entirely bad news. News Corp. sits on a hefty $6 billion in cash, and it should have $9 billion by year-end 2009. At a time when cash is king (and in this environment, it's definitely cash, not content, that is king), this gives the company a nice dose of security.
News Corp. shares are trading down almost 9% today to about $8.40. Its 52-week high was $24.95.
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| News Corp. Estimates Cut On Ad Meltdown | | Just so you have no illusions, nobody's going to get through this unscathed. Viacom just warned, and now News Corp. is getting its estimates reduced. Pali's Rich Greenfield, who knows a thing or two about the company, has reduced his full [..] Read complete article | | Published 10-Oct-2008 by Silicon in General
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 | Nerdblog |  Blogger | Provides news about hardware, software, notebooks, laptops, PCs, Mac, PDAs
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| News Corp. Pulls Bid for <cite>Newsday</cite> | | Despite Rupert Murdoch’s boast lthat he was about to close a deal for the Long Island newspaper, a News Corp. rep says the company has withdrawn its $580 million bid to purchase Newsday. News Corp. already owns two New York papers, WSJ and New York Post.
Wired.com [..] Read complete article | | Published 11-May-2008 by Nerdblog in General
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| News Corp On Microsoft, Yahoo: Talks? What Talks? | | Asked several times about News Corp.'s interest in combining its MySpace/FIM properties with Yahoo, Microsoft or anyone else, COO Peter Chernin waved off the question during the company's Q3 call. News Corp. is happy where it is, and isn't intent on doing a deal, he said.
Then again, Chernin wasn't emphatic about it. The company is "willing to have strategic conversations if they made se [..] Read complete article | | Published 07-May-2008 by Silicon in NWSTWXMSFT
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| News Corp. CIO Dave Benson Out |  News Corp. CIO Dave Benson, who'd had occupied the top tech job at Rupert Murdoch's media conglomerate since 2003, is out. A tipster tells us he was fired, and that other members of his team [..] Read complete article | | Published 12-Aug-2008 by Silicon in General
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