The media business looks depressing, unless you're Rupert Murdoch. Even as News Corp.'s assets suffer amid arnglobal recession, Murdoch continues to place big bets, from buying up TV stations in Eastern Europe to turning The Wall Street Journal into an even bigger brand. His critics can be merciless, but his rivals always pay attention. "This is a company that can see around corners," says Merrill Lynch analyst Jessica Reif Cohen. "And everyone watches what they do."rnWith his fearless and sometimes reckless empire-building, Murdoch has changed the game. Objectivity was thernstated goal in U.S. news journalism until the boldly partisan Fox News Channel stole share from CNN. Social networking looked like a fad until News Corp. ponied up more than $580 million to buy MySpace.com. China was impenetrable-until Murdoch penetrated it. And rivals look on with envy as News Corp. has become the dominant force in TV in countries from India to Britain.
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