Written by : Ben Chapman
Rupert Murdoch says his newspapers are struggling because digital advertising “has been has been tremendously damaging to print”.
Speaking at News Corp’s AGM on Wednesday, the 86-year-old media tycoon said he did “not really” have any plans to buy any more newspapers.
“Our hands are pretty full making our existing papers viable,” he said.
“I think the big three successes we have are the three big national papers: the Wall Street Journal, the Times in London and the Australian.
“The other papers, a lot of them are still very viable, but they are struggling.
“So far I think we have done pretty well in replacing lost advertising revenue in the major papers, but it continues to be a big problem,” Mr Murdoch said.
News Corp lost $817m (£629m) in 2017 as the value of its UK and Australian newspapers sank.