News Corp sees U.S. economy hurting advertising [View All]

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.