Rupert Murdoch, aged 72, has been running international media group The News Corporation for 50 years (starting out as single-newspaper company News Ltd). At the groups annual meeting in Adelaide he forecast another year of record profits,
News Corp (which includes Fox News, Fox Sports, Sky and Star TV) saw its operating income increase by 36% in the past year, and Mr Murdoch predicts average earnings growth of 20 per cent in the coming years. He expects pay-television Sky Italia, in which News Corp holds 80%, to break even in 18 months and then achieve very steep growth.
Asked whether his son James would be appointed CEO at the UKs BSkyB, in which News Corp has a 35.4% stake, and of which Rupert Murdoch is chairman, Mr Murdoch said he was confident the best candidate will be appointed.
Although advertising bookings for all media in the United States for the next 12 months are just sensational, News Corps US television stations are actually contributing very little.
Does Rupert Murdoch have any plans for retirement? I will be carried out, he quipped.