Rupert Murdoch’s mood was glum on News Corp’s Q2 earnings call today. That is, until he got talking about his prized newspaper, the Wall Street Journal — and its only real competition, the New York Times.
- The Wall Street Journal, Rupe said over and over, is the only newpaper in the US that managed to increase its individual subscribers in 2008.
- He said the WSJ’s online advertising generated $120 million in revenues in 2008.
- He said: “I’m extremely happy with all our newspapers. There’s never been a greater appetite for news in the community. I’ve got great faith. If we continue the way we’re going we may even be lucky and not have so much competition at the end of it all.”
- Admitting that the WSJ’s ad revenues are down 20% so far this year, he said, “We have the New York Times cutting rates against us and we will not cut our rates.”
News Corp Q2 Earnings (NWS)