Chernin: Online already off charts

January 10, 2007 News Corp. president and chief operating officer Peter Chernin said Tuesday that he expects his company to exceed its goal of $500 million in digital revenue for the current fiscal year and that online video advertising has the potential to be "the single best (business) story" for media companies in 2007. Speaking at the 17th annual Citigroup Entertainment, Media and Telecommunications Conference in Las Vegas, Chernin said online ad rates have started to become significant at CPMs of $25-$30. Asked about current TV ad trends, he said they are only "OK" for News Corp., as its Fox stations are seeing gains while MyNetwork affiliates are down.

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