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November 16, 2005

Murdoch Tells Aussie Shareholders Stock Will Rebound When Fear Of New Tech Ebbs

: News Corp. Chairman Rupert Murdoch faced the music with Australian shareholders at a meeting in Adelaide today. (He promised annual meetings there despite the HQ move to the U.S.) "I do recognize the fact that the share price at the moment is rotten," he said, according to the AP. He called the disconnect between share price and growth for News Corp. and other other major media companies "a bit of an investor strike." News Corp. has a lot of work ahead to turn a profit in new media, he told them, but there would be an upside: "As people realize as the world goes on and gets more complicated and more advanced that media is going to be a bigger and more central industry than ever before." Shares closed at $15.30 Tuesday, near their 52-week low.
Murdoch, who spent some time with son Lachlan, also addressed issues of succession complicated by the younger Murdoch's departure from the company's executive ranks. He said the company has "a very strong batch of candidates" and choosing a successor is "not going to be my say at all." He also told them how much he dislikes the discussion: "I'm just sick of being told I'm dying -- I'm feeling great."
From AAP: "He said the company still had a tremendous amount of work to do both on technical and organisational issues before it could start to make real and significant profits."

Posted by dymaxion at November 16, 2005 10:11 PM


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