Updated: Earlier this morning, Rich Greenfield, the scary smart media analyst at Pali Capital, slashed his price target on News Corp to $20 from $27, citing big concerns over slowing advertising revenues for newspaper and television stations. And since this is a global problem, there is little room for News Corp to hide.

He is forecasting a 1.5 percent decline in revenues for News Corp.’s newspaper business, a 9.5 percent decline in its TV revenues and a 7.8 percent decline in revenues at its filmed entertainment division. Greenfield cut his earnings and overall revenue estimates on the media behemoth as well. The good news? Rupert Murdoch is sitting on $6 billion in cash, which means he could grow revenues through acquisitions. Cash, if not king, is indeed a king-maker.

Since he didn’t offer an analysis of the Internet part of News Corp.’s business, especially MySpace, I emailed him to find out what he thought about that. He didn’t go into much detail but he did say, “MySpace is one of their BEST-performing assets right now…MySpace is doing great.” Last year Murdoch said he expected MySpace to bring in about $750 million in revenue for its fiscal year ended in June, the lion’s share of the $1 billion in revenue forecast to come from the company’s Fox Interactive division. If the big shift from old media to online accelerates, Rupert’s kingdom does have enough assets to capitalize on that shift. But then, I wouldn’t count on any ad dollars just yet.