Murdoch denies News Corp. struggling

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NEW YORK, Oct. 18 (UPI) -- News Corp. President Rupert Murdoch says his family's worldwide media group is not struggling despite the ongoing economic crisis in the United States.

The company's chief executive officer said at a News Corp. shareholder meeting Friday that his family would not have to sell company shares to survive the current economic downturn, The Hollywood Reporter said.

"We have no debt at all," the Australian-born media mogul said.

"We're as well-positioned as we can be for what may well turn out to become a prolonged (downturn)."

The Reporter said Murdoch also spoke about possibly expanding the media group's subscription-based businesses and dismissed talk about a potential government bailout of the U.S. media industry.

"I don't think you'll expect any media companies to accept a handout from the government," Murdoch told shareholders.