The CEO of 21st Century Fox opened today’s briefings in Los Angeles for Wall Street analysts who are trying to figure out where the entertainment company is headed now that it’s separate from the publishing properties at News Corp. “I believe this will be a day to remember,” Rupert Murdoch said. He acknowledges that Fox critics say its collection of traditional media movie and TV properties have peaked. He says, though, that in business — like in the movies — “many of you know that sequels can be far more lucrative than the original.” He points to opportunities overseas in markets with a growing middle class, and with new digital technologies including smartphones. “Our challenge at 21st Century Fox is to get there ahead of everyone else,” Murdoch says noting that “the value of hit content is only going to increase exponentially….A good story knows no border.” Fox execs will be “thoughtful risk takers” since “our greatest successes come from the businesses that we have built, not acquired.”
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