News Corp. Ad Sales Exceeding Expectations
News Corp. Chairman Rupert Murdoch said advertising sales exceeded expectations so far this month, suggesting the world’s No. 5 media company may beat forecasts in its fiscal second quarter.
The announcement, made during a shareholder meeting, came after the owner of Fox Entertainment Group Inc. last week slashed its forecast for fiscal 2002, saying last month’s attacks in the U.S. may worsen a television advertising slump.
Murdoch also told shareholders that News Corp. still has not reached an agreement with General Motors Corp. for the acquisition of the auto maker’s Hughes Electronics division. Hughes is the parent of DirecTV, the largest U.S. satellite broadcaster.
In addition, Murdoch said, News Corp. won’t boost dividends.
“In these very uncertain times, we’re leaning toward retaining our cash reserves,” he said.
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