News Corporation chairman Rupert Murdoch says he has great confidence in the future of newspapers, despite the toll that the recession has been taking.
Murdoch said the past year was one of the most challenging in the company's 56-year history.
"I'm pleased to report, however, that we anticipated the strength and length of this downturn early on and we were well prepared to face it," he told News Corporation's annual shareholders' meeting in the US.
He said the Wall Street Journal is the only newspaper to have expanded its print and online subscriptions during the recession.
Murdoch also told investors his current view of the US economy is that there is not going to be another steep decline, but nor will there be a steep increase.
- RADIO AUSTRALIA
Murdoch talks up newspapers
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