• Reuters, Friday, July 11, 2008 10:15 AM

Rupert Murdoch said Thursday that he sees another year of "bad shocks" for the economy and does not expect a turnaround in 2009. Murdoch has been among the most pessimistic of the world's media moguls, warning that ad slowdowns on local television stations and newspapers will severely impact the media businesses.

"There will be are more lowering of values, companies selling assets," he said at the Allen & Co Sun Valley gathering of media and technology executives. Murdoch also said that Europe is starting to feel the economic slump and will be hurt further in another six months.

Murdoch's latest comments reflect a more severe outlook than he had in March. Since then, News Corp has held on-again, off-again talks to merge or spin-off social network MySpace, which has struggled to meet revenue targets.

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