(image via MilikenInstitute)
Benevolent Galactic Media Overlord Rupert Murdoch (And King of all the birds in the air and fishes in the sea), when not dropping references to the Fox Business Channel, is set to rule the Digital Dimension by 2008. Don't say we didn't give you a heads up, cornbread. From the tireless and brilliant Staci D. Kramer at Paidontent:
"Asked directly about the questions swirling around the Google-FIM deal, COO Peter Chernin said, 'We do have a binding letter of agreement and we are significantly over delivering on our guarantees.' But Chernin said the companies are still working on the complicated 'long form' and that several areas are under discussion, including places where they are looking to 'mutually benefit each other.'
"-- FIM had $125 million in revenue during the last quarter, attributed primarily to MySpace.com. MySpace had about 20-25 percent growth over the previous quarter. Chernin reminded analysts that News Corp. already had said it expects FIM to over deliver on the projected $500 million revenue for 2007. Revenues for MySpace tripled over the year and were up 70 percent for FIM overall. Chernin: 'If anything ... we have seen our monetization growth momentum increase over this year over the last year, as we are starting to see some of the improvements we have made in advertising technology and advertising sales force begin to take effect.'
"-- FIM had its first profitable month in December. Chernin expects the unit to be 'marginally profitable/breakeven' in 2007 and for profitability to increase 'dramatically' in FY08. A funny exchange followed: Chernin: 'I think our hopes are that we can get this thing up to a margin in the low 20 percent range in FY08.' Murdoch: 'I think that’s pretty pessimistic. I think we can do better than 20 percent.'"
Chuckles followed; but Rupert, unlike the assembled, laughed just a little bit longer than everyone else ..
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