News Corp. Web Unit Sees Revenue Drop, Admits It Won't Hit FY 08 Goals

It took a while, but Rupert Murdoch has finally acknowledged that News Corp.'s Web business won't hit the goals he laid out for it last August. Actually, he made Peter Chernin say it: "Let me begining by saying yes, we will fall short of what were very aggressive projections."

Chernin said Fox Interactive (MySpace, IGN, Photobucket, et al) will come in around $900 million at the end of next quarter - missing its $1 billion goal by 10%. This jibes with what we heard last month when FIM revenue boss Mike Barrett was ejected.

More worrisome: FIM revenue actually decreased from Q2, dropping from $233 million to $210 million. News Corp.'s overall quarter was fine, and in line: While both investors and the press spend a lot of time thinking about MySpace, it's still a tiny part of the company.

Read the whole story here.

Comments

[littlepuffycloud]

What a vile looking creature.

[GerryS]

poor little Rupy- I hope he chokes on FoxTV and the BS poison his companies spew-

[Veri]

Ah, damn. I was going to say something along that line of thought. Talk about dumbing down America through propaganda. Fox News. Remember, trickle-down economics works! Just not for you. He'll still be rich and paying a reduced tax rate. Oh, and getting a nice, verrrrryyyyy niiiiicccceeee, tax break us peasants won't see.

[WorkingClass]

Rupert looks like hes sucking on something. Probably got a vein stuck in his teeth.

[Veri]

Does he make more money than you, anyway? He does not have to care. Only that he will not be richer than Croesus this year around.

[thegreatgiginthesky]

I hope this disgusting war enabling creep loses all his money and ends up begging on the street.

[Veri]

Unlikely. He backs both Republicans and Democrats. Hedge-funding his bets.

[nogimmicks]

It is a good thing that people finally are steering away from his poison-loaded newspapers, TV channels and websites. And, by the way, he could use a good face transplantation!

[Veri]

Ah, but millions still follow. And he still leads. Money talks, poor people walk to their televisions and newspaper stands.

[Veri]

You must be poor like me.

[ErnestineBass]

Rupert needs a soul tranfusion even worse.

[focher]

You have to first have a soul before it can be replaced.