In lamenting the difficult business environment faced by traditional media -- especially for the newspapers he says he cherishes -- Wallace said, "You're not seeing the decline of Fox News, baby!"
Rupert Murdoch's media giant News Corp (NWS) disappointed Wall Street forecasts, bringing in earnings of 12 cents per share on $7.87 billion in revenue, while analysts expected 19 cents and $8.4 billion in revenue.
The company took an $8.39 billion asset write down on the reduced value of its TV stations and newspaper assets in this bleak economic environment, giving the company a total loss of $6.4 billion in the quarter.
And the outlook for 2009 is bleak: the company expects operating income to drop 30 percent in 2009 from 2008.
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Is Fox News channel highly rated, and would the other news channels kill for their ratings? Yep. Is News Corp. suffering like other media companies? Yep.