NO SIGNS OF BUSINESS SLOWDOWN AT NEWS CORP SAYS CHERNIN
January 11th 2008 23:42
Reuters reports that News Corp has not seen signs of a business slowdown due to US economic weakness and the company can withstand the Hollywood writers strike, according to chief operating officer Peter Chernin.
His comments on Wednesday at an investor conference came hours after Goldman Sachs analysts warned investors to beware of various parts of the media sector in 2008, especially if the US goes into recession.
"We are seeing no signs of any slowdown in our business," Chernin said at a Citi conference in Phoenix, Arizona.
He added that the company was aware of wider economic troubles and said, “Obviously we live in the world, and Rupert lives in the world, and God knows I'm sure everybody here is buzzing about the economy and where we're headed."
Goldman expects News Corp revenue growth to slow in TV and cable networks, newspapers, film and interactive media.
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