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Rupert Murdoch says that the digital age continues to place pressure upon newspapers, during the News Corp AGM (NASDAQ:NWSA) on Wednesday.
Mr Murdoch revealed that News Corp is unlikely to expand its newspaper empire, with digital advertising proving “tremendously damaging to print”.
“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,” Murdoch said to shareholders in Los Angeles.
“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.”
News Corp’s other publications include Australian newspapers – the Daily Telegraph, Herald Sun and Courier Mail; as well as the New York Post and the Sun in the U.K.
Over the course of the year, News Corp lost $817 million (£629 million) of its value, on the back of its struggling Australian and UK newspapers.
In addition, the AGM addressed shareholder concerns of the monopolisation of power between Rupert Murdoch and his sons Lachlan and James, at 21st Century Fox.
A shareholder proposal for the company to drop its its dual-class share structure was also rejected during Wednesday’s meeting.
Meanwhile, Mr Murdoch’s 21st century Fox is also in the midst of awaiting a decision on its Sky £11.7 billion bid.
The UK regulator, the Competition and Markets Authority (CMA), is currently investigating the bid amid concerns from politicians over media plurality and transparency.
Culture Secretary Karen Bradley announced the decision to refer the deal to the CMA back in September.
The further investigation is set to take up to six-months until a decision will be reached, in a blow to Murdoch’s Fox.
This comes amid reports that the broadcaster has held talks to sell most of the company to Walt Disney.