By: (AP) Rupert Murdoch, executive chairman of media and entertainment giant News Corp., said Wednesday that improving prospects for the U.S. television advertising market will hike revenues and help the company record strong growth this year.
"We are in excellent shape to deliver the strong double digit growth we are forecasting," Murdoch told shareholders at the company's annual meeting in the southern Australian city of Adelaide, where his global media empire was founded.
"We have now seen four solid months of improvement in the American advertising market ... (and while) we are not yet back to the heady days of two and three years ago, we are well ahead of last year and there are no signs at all of slowing," he said.
Murdoch also said the company's Star TV satellite television network in Asia was expected to be modestly profitable this year.
News Corp.'s holdings include the Fox broadcast network, Fox News Channel, and the
New York Post in the United States, and major newspapers in Australia and England.
In August, News Corp. reported a net loss of $6.27 billion for the fiscal year ended June 30, which included billions of dollars in write-downs in some of its investments, including the troubled Gemstar-TV Guide International Inc.
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