- In a depressing earnings call today with the NewsCorp team, Rupert Murdoch outlined the $6.4 billion loss. Murdoch said “the downturn is more severe and likely longer lasting than previously thought.” and “We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate.”
- MySpace earnings fall underneath the Fox Interactive Media section, which also includes products like PhotoBucket. MySpace is thought to bring in the majority of the revenues coming in from FIM. Here is what they had to say on the issue: “Fox Interactive revenues: $226 million revenues. Down due to reduced subs at IGN. Search and advertising were simliar to a year ago. Costs were MySpace Music and international expansion”. The entire division lost $38million.
- I guess Murdoch and Sam Zell (purchased Tribune) were wrong to assume paper media is going to stay strong through the next 5 years. Cuts have already been made across the board, and there is no end in sight to how bad it will get.
Other must read NewsCorp/MySpace Articles: