Cry Me a River, Rupert Murdoch
This is what you get for backing an Oil Man as your boy in the White House for the last eight years, Rupert, old man. Record profits for Exxon, record losses for -- gasp! -- News Corp.!
The News Corp., the media empire controlled by Rupert Murdoch, said Thursday that it lost $6.4 billion in the second quarter as profits fell sharply at its television and movie units and it took a write-down on its newspaper assets.
Mr. Murdoch, the chairman and chief executive, said the economy deteriorated faster than anticipated in the last three months.
"Our results for the quarter are a direct reflection of the grim economic climate," he said. "While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought."