News Corp. cuts profit forecast

Bloomberg reports shares of Rupert Murdoch's News Corp. dropped 16 percent Thursday after the company cut its 2009 profit forecast. Profits are expected to fall due to "shrinking ad sales at [News Corp.'s] Fox stations and newspapers."

Fiscal 2009 profit will drop in the "low to mid teens" in percentage terms, New York-based News Corp. said on a conference call yesterday after U.S. markets closed, citing falling advertising sales and the stronger dollar. The company previously forecast a gain of 4 percent to 6 percent.

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