News Corp’s Murdoch told shareholders in Adelaide that Q4 is going ahead of guidance so far despite the credit crunch. Reuters:
- “So far this quarter, and we are only halfway through, we are going very well and very strongly,” he said.
- News Corp last week reaffirmed forecasts for low-teens percentage growth in fiscal 2008 operating profit growth despite a solid first quarter, saying it could face a tough economic climate next year. “We are running ahead of that but it is too early to change the guidance,”
- No impact on forward advertising so far from the subprime mortgage crisis, but could be more shocks to come. “I personally think you are going to see quite a few more shocks, particularly in Europe, and they are going to spread around the world,” he said. “We have been through a tremendous amount of loose money and lending and we are going to see that come to roost.”
- Just completed selling free-to-air television advertising for the U.S. Super Bowl at “quite phenomenal” rates.
The famously free-speaking Murdoch drives his PR folks nuts with these off-the-cuff comments, but certainly hard to see how this is bad news. Murdoch also announced that he “expects” to take the WSJ free.