How bad is the recession?

News Corp. has reported a loss of $6.42 billion in last quarter

By Stephen Pate, NJN Network, Charlottetown, PEI, Canada, February 8th, 2009
with a story from ADWEEK

I don’t know how bad your week was but Robert Murdoch’s News Corp. has a corporate migraine after bleeding $6.42 billion dollars in 3 months. To add insult to injury, the company’s assets officially lost $8.4 billion in value. Hit me once. Hit me twice. Ouch. “Speaking to analysts during News Corp.’s FY Q2 earnings call, chairman and CEO Rupert Murdoch said the results “are a direct reflection of a recession that’s deeper than anyone could have predicted,” adding that the global economic climate is the worst he’s seen since the company was formed 50 years ago,” reports ADWEEK. The recession is killing ad business but it’s readers that are driving the car away from traditional news sources. People just don’t watch TV like they used to and they don’t read newspapers. News Corp media properties include familiar names like 20th Century Fox, FOX and Star TV, National Geographic cable, Fox Cable, BSkyB, Sky Italia, Wall Street Journal, NY Post and Times of London. The bad news is everywhere in the advertising and media business.