News Corp. Chair & CEO Rupert Murdoch told shareholders
Tuesday in Australia that he "believes the world is headed
toward a 'deflationary market' -- but he made it clear" the
proposed IPO of Fox Entertainment would proceed "as soon as
conditions settle down," according to Mark Woods of DAILY
VARIETY. Murdoch, on the proposed Fox IPO: "I think the
price we'll get it away at will be good, but not as good as
it would have been three months ago." Murdoch, after
"brushing aside" questions as to why the size of the IPO has
"shrunk" to 13.4%: "We said from the beginning it was up to
20% to give us some flexibility. I personally never
intended it to be more than 15%." Murdoch also "assured
shareholders" that News Corp. has "significant sums of cash
in hand" and that the company doesn't have "plans for big
acquisitions at the moment" (DAILY VARIETY, 10/14).
COVER STORY: Murdoch is profiled in a FORTUNE cover
story, as Marc Gunther describes him as "breaking the rules,
defying convention, waging war by any means necessary -- and
usually coming out on top." Murdoch, on Fox Sports Net: "I
think it's got a bigger future than ESPN" (FORTUNE, 10/26).
NEWSRADIO: Fox News said "it would join" Westwood One
to create a new radio network. Fox News Channel will supply
news, sports and entertainment updates to the network, which
will be called Fox News (N.Y. TIMES, 10/14).
