Speaking at the company's AGM yesterday in Adelaide, Murdoch said the September 11 terrorist attacks had initially cost the group $100m (£69m), but that much of this had now been recovered.
Murdoch said advertising bookings had been virtually non existent in the two weeks following the attacks. Costs at the Fox News channel rose dramatically, but these will be partially offset by stronger ratings and a return to normal advertising.
Murdoch told the AGM, "With the mix of business that we have and the cash reserves that we have, we are a great deal better placed than our competitors."
However, an earlier profit warning was not altered and the company still expects single-digit or low double-digit profit growth.
News Corp's shares rose 7.1% to A$13.65 (£4.71) yesterday, their biggest one-day gain since mid January. The stock has lost 39% in the past year.
Murdoch indicated that UK satellite broadcasting subsidiary BSkyB may force German group Kirch to buy back a 22% stake in the Premiere World pay-TV unit BSkyB has held since 1999.
BSkyB has an option to sell back the stake to Kirch for cash in October 2002. The sale would give BSkyB around $3bn (£2.1bn).
Share in BSkyB rose 5% this morning to 738.5p.
If you have an opinion on this or any other issue raised on Brand
Republic, join the debate in the .
_1.jpg)
.jpg)
