Murdoch: 'Very Bearish' on Economy

Friday, July 11, 2008 | 03:00 AM


News Corp. Chief Executive Officer Rupert Murdoch said he is "very bearish'' on the economy as food and energy prices rise for consumers.

Murdoch said he anticipates "another 12 months of hard slogging'' during a television interview from the Allen & Co. media conference in Sun Valley, Idaho. He said the entertainment industry is "doing just fine'' so far.

"Every country in the world has serious food inflation and then of course you've got the same thing with energy,'' he said. "It's really squeezed.''

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Media stocks have been overly penalized, Murdoch said. News Corp., based in New York, had dropped 30 percent this year before today on investor concern about a slowdown in advertising and the company's MySpace social-networking Web site. Time Warner Inc., the biggest U.S. media company, had lost 16 percent, and No. 2 Walt Disney Co. is down 8.5 percent.

News Corp. Chief Says He's `Very Bearish' on Economy
Greg Miles and Gillian Wee
Bloomberg, July 10 2008

Friday, July 11, 2008 | 03:00 AM | Permalink | Comments (6) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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Murdoch/February 2003.

"Who knows what the future holds? I have a pretty optimistic medium and long-term view but things are going to be pretty sticky until we get Iraq behind us. But once it's behind us, the whole world will benefit from cheaper oil which will be a bigger stimulus than anything else."

$20 oil? Missed it by "THAT" much.

Posted by: engineer al | Jul 11, 2008 3:27:42 AM

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