Updated after the jump with the full video of the session: James Murdoch is looking at the same economic clouds as the rest of us but his view comes with glints of silver. Murdoch, making some of his first public comments since he took over News Corp.’s European and Asian businesses, told the Monaco Media Forum that talk about newspapers is too gloomy and that competitors’ woes may open doors to deals. From the FT:
– Newspapers: “The newspaper industry has spent so much time wringing its hands about things that are exogenous and not enough time thinking about customers’ daily lives.” Instead, consider the possibilities for innovation like the way the Sunday Times is promoting non-print businesses or ways to play into the economy like the Sun working with retailers to display price cuts. Murdoch called the Sun the UK’s largest short-break holiday company and said it is making tens of millions of pounds a year from its online bingo game. But he also talked about looking for cost cutting as advertising declines.
– Acquisitions: He followed his father Rupert’s lead from last month by suggesting the company’s $5.5 billion or so in case could bankroll some shopping. India would be one possibility, as competitors collapse and earnings torpedo values, but he was cautious: “What you don’t want to do is be strong now and blow it in the first part of the storm.” Photo Credit: Esthr
Full video of the session, after the jump…