• The Associated Press, Friday, January 16, 2009 9:15 AM

A Deutsche Bank analyst slashed his 2009 earnings estimates for News Corp., projecting more deterioration in the advertising and DVD markets.

Doug Mitchelson expects Rupert Murdoch's News Corp. to earn 89 cents per share in 2009, down from a forecast of $1.06 per share. In general, analysts expect 96 cents per share, per Thomson Reuters.

For the company's fiscal second quarter, Mitchelson cut his profit estimate to 21 cents from 29 cents per share and hinted that the worse is yet to come. He warns that the economic downturn has cut across several of the company's businesses, from television ads, to DVDs and theater releases, to retail book sales.

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