News Corp. Chairman and Chief Executive Officer Rupert Murdoch said the global economy remains in turmoil because of sovereign debt pressures, “soaring” deficits and “unacceptable” U.S. unemployment rates.
“Others may see more positive signs, but I believe until these issues are addressed, markets, governments, currencies and consumer behavior will be unpredictable,” Murdoch wrote in a letter to shareholders, disclosed in the New York-based company’s annual report on its website.
The media company, which gets about 45 percent of its revenue from outside the U.S., is also grappling with the shift of movies, TV shows, news and other media to the Internet and mobile devices like Apple Inc.’s iPad. Murdoch said this transformation disrupting the industry is even more unpredictable than the economic recovery.
Murdoch, 79, said News Corp., owner of the Wall Street Journal, is working with publishing and technology leaders to “re-imagine” the news and publishing industry to advance the media experience in “totally new ways.”
He said the company is examining how to help consumers better discover, organize, access and consume information. Murdoch said he sees tremendous opportunity in e-readers, smartphones and other devices being introduced.
News Corp., which also owns the Fox broadcast network and the Twentieth Century Fox film studio, rose 26 cents, or 2 percent, to $13.26 Thursday on the Nasdaq Stock Market. The shares have fallen 3.1 percent this year.
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