Rupert Murdoch said that his media properties are doing well, and that he has no debts or plans to sell off shares like Viacom/CBS chair Sumner Redstone, reports the Hollywood Reporter.
Speaking at the annual shareholders meeting in New York, he also said that he is in no talks to buy up Redstone's assets, but would consider them at a reasonable price.
He cited a $5 billion war chest as protection from the economic downturn, as well as plans to grow subscription-based businesses.
Murdoch was especially proud of his digital properties, Fox Interactive Media, saying has become "a $3 million business in just three years of existence. It took Google five years to reach that milestone. Profits are up 53 percent over last year.” He added that he is particularly impressed with Hulu.
When asked about another Yahoo bid, News Corp. General Counsel Lon Jacobs told PaidContent:
"There's just too much going on right now in the economy for it to make sense for us to revisit a Yahoo bid," Jacobs said. "But in the future, when conditions change, it might be worth looking at again."
Murdoch weathers downturn [THR]
Photo: Flickr/mikegoat
