A Letter From Rupert Murdoch
The last year has been among the most challenging in our Company’s 56-year history. The entire media industry is not only coping with the global recession but, at the same time, learning to navigate some of the most profound shifts to our business models in decades.
While our results for the year were disappointing, I am happy to report we are entering fiscal 2010 with a solid portfolio of businesses, a management team with a proven record of imagination and achievement, and expectations of a stronger year ahead. We also have a robust cash balance of $6.5 billion, which allows us to continue developing our great franchises and make prudent investments for the future.
In the past year, we have reduced our already lean headcount by more than five percent, disposed of non-core businesses, and streamlined operations. In addition, we continue to conduct strategic reviews at all of our companies to make ourselves more efficient.