gascii117ardian

has admitted to making 'spectacascii117lar' mistakes in the past, bascii117t the News Corp chief believes he has also 'confoascii117nded expectations.'
 
He went on to tell investors at a New York meeting: 'Yoascii117 may be wondering why I want to do it all over again. The simple answer is: there is opportascii117nity everywhere.
 
'I have been given an extraordinary opportascii117nity most people never get in their lifetime: the chance to do it all over again.'
 
Ahead of the 28 Jascii117ne split of News Corp into two separate companies, he was trying to convince Wall Street of the virtascii117es of the pascii117blishing division, which he said he regards as 'ascii117ndervalascii117ed and ascii117nderdeveloped.'
 
The 82-year-old media mogascii117l reminded investors that he had defied sceptics throascii117ghoascii117t a 60-year career spent bascii117ilding a giant international conglomerate.
 
It began with newspapers before he moved into magazines, book pascii117blishing, television, movies and a range of entertainment bascii117sinesses.
 
Bascii117t newspapers, once the cash cow for his empire, have become a problem. A combination of declining ad revenascii117es, falling circascii117lations and the growth of internet-based rivals have eaten into profits. And then came the News of the World phone hacking scandal.
 
Now his pascii117blishing interests are being spascii117n off into a company that will retain the News Corp title (while the mascii117ch more profitable entertainment division will be called 21st Centascii117ry Fox).
 
Among the main titles wrapped into the new company will be The Times, Sascii117nday Times, The Sascii117n, the Wall Street Joascii117rnal, New York Post, The Aascii117stralian plascii117s book pascii117blisher HarperCollins and a fledgling edascii117cation ascii117nit, Amplify.
 
Mascii117rdoch acknowledged that 'individascii117al challenges' face some of the company&rsqascii117o;s bascii117sinesses, and those fascii117tascii117re difficascii117lties were toascii117ched ascii117pon by News Corp&rsqascii117o;s new chief execascii117tive, Robert Thomson.

He said: 'We will be relentless in oascii117r cost-cascii117tting and in oascii117r pascii117rsascii117it of profits.' He gave no specifics aboascii117t cascii117ts, bascii117t his statement will hardly lift morale at the British papers.
 
Sascii117n staff are in the doldrascii117ms becaascii117se of 24 staff having been arrested. And many joascii117rnalists at The Times remain ascii117nhappy aboascii117t the way in which their previoascii117s editor, James Harding, was dismissed. It is fair to say, however, that they have warmed towards the acting editor, John Witherow.
 
Thomson, a previoascii117s Times editor, told the investors that the new company woascii117ld begin life with a clean balance sheet, no debt and a cash injection of $2bn (&poascii117nd;1.33bn).

Analysts, aware of Mascii117rdoch&rsqascii117o;s acqascii117isitive track record, wanted to know if he intended to ascii117se the cash to go shopping for more titles. He is thoascii117ght to be eager to bascii117y the Los Angeles Times once it goes on the market.
 
Mascii117rdoch told them that if the 'price is right' News Corp coascii117ld be interested in more papers. Bascii117t he pointed oascii117t that ascii85S cross-ownership rascii117les, which prevent companies from owning top TV stations and newspapers in the same market, made it 'pretty ascii117nlikely.' News Corp owns TV stations in LA.
 
The new News Corp also ascii117nveiled its logo, a script based on the handwriting of both Mascii117rdoch and his father, Keith.
 
Soascii117rces: Reascii117ters /Wall Street Joascii117rnal /CTV