UPDATE 3-News Corp slashes outlook, profit dives

[babsbunny]

http://www.reuters.com/article/bondsNews/idUSN0533666120081105?sp=true

NEW YORK, Nov 5 (Reuters) - Rupert Murdoch's News Corp (NWSa.N: Quote, Profile, Research, Stock Buzz) cut its full-year forecast and posted a worse-than-expected 30 percent drop in quarterly profit because of falling TV advertising. Shares dived 12 percent.

The international media conglomerate said display advertising at its Web holdings, including the MySpace social network, was beginning to weaken, and that it was instituting stringent cost-cutting measures company wide.

"We're managing down headcount wherever appropriate," Murdoch told analysts on a conference call, adding his company had a good handle on its costs and "we'll ratchet them down accordingly."

[Hawkowl]

1. HAHA!

Murdoch's profit is only going to continue to fall. Especially if the dems completely shut them out of all access to EVERY dem official. Fuck em.