NewsCorp president Chase Carey said the company could boost its share price by downplaying their newspaper properties, reports Forbes’ Mixed Media Blog.
“We’re overly identified with the publishing business,” Carey said. “Some of the concerns that exist around publishing, we get widely associated with….The publishing business has had too wide a profile.”
In the same UBS Media and Communications Conference interview, Carey said that newspapers only account for 10 percent of profit, whereas TV and Cable account for 50.
While we understand that the printed word is to be avoided like a portfolio plague, it’s hard not to suspect the market price (which looks fine to us?) could have something to do with the NewsCorp having way overpaid for Dow Jones and having recently sunk $30 million into an iPad-only newspaper rumored to have been born in a dream.
Carey reminds us that when talking about Murdoch money, $30 million is chump change. He said, of The Daily, “It’s an opportunity to take advantage of these digital technologies, and to create something at a very modest cost structure.”