Murdoch reckons the recession is running late in OZ.
Will that be our savior or undoing?
NEWS Corporation chief executive Rupert Murdoch says advertising revenue in Australia remains stronger than in other economies.
The global media giant has reported a first half net loss of $US5.902 billion ($9.19 billion), after a massive $US8.4 billion in writedowns in its television, newspapers and information services divisions.
The result compared to a net profit of $US1.564 billion in the previous corresponding period.
Heavy drops in advertising revenue and discretionary spending were hurting News Corp's entertainment and newspaper divisions, the company said.
Speaking from Sydney, Mr Murdoch told analysts conditions in Australia remained stronger than the UK.
"The downturn in Australia hit very late,'' Mr Murdoch said.
"It's beginning to hit now.
"We're not yet feeling it the way we're feeling it in Britain.''
News Corp (the parent company of the publisher of news.com.au) will implement "rigorous'' cost cutting measures across all its operations, including job cuts.
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