Twenty-First Century Fox 2006 Annual Report Download - page 9

ANNUAL REPORT 9
Rupert Murdoch, Chairman and Chief Executive Officer
Three final points: First, thanks to our improved
cash flow and robust balance sheet, we were able
to extend and double our stock repurchase pro-
gram from $3 billion to $6 billion. As the first
phase wound down, with more than $2.6 billion
repurchased, it became clear to the Board that
our stock is still significantly undervalued and
thus a terrific investment. The extension of this
program represents our fundamental confidence
in the strength and strategic direction of this
company.
Finally, I was proud and pleased to preside
over our company’s first major management
conference in eight years. “Imagining the Future,”
held in Pebble Beach, California, was
a success in every way. We asked for and
received bold new ideas from some of
the world’s most insightful individuals.
We heard from political leaders such as
Bill Clinton, Tony Blair, Shimon Peres,
John McCain, Al Gore and Newt Gingrich;
technology innovators including Craig
Venter and Vinod Khosla; entertainers
like Bono; and business figures, including
Lord John Browne and Terry Semel. They
all gave us a lot to think about. More than
250 of our most senior managers left not
only refreshed, but challenged and excited
about the future of our company.
This has been a year of tremendous
change for News Corporation – one of
our most adventurous in recent memory.
In the course of 50 years, we have
invented and reinvented this company to
keep up with – and in our best moments,
stay ahead of – the times. We haven’t
always calculated correctly and we won’t
get everything right going forward. But
our track record speaks for itself. And our
willingness to think big and boldly has
built a media company like no other in
the world.
To some in the traditional media
business, these are the most stressful of
times. But to us, these are great times –
the prelude to a new golden age of media.
Technology is liberating us from old
constraints, lowering key costs, easing
access to new customers and markets
and multiplying the choices we can
offer. For a content company, what could
be better?
one of Europe’s great statesmen in this new centu-
ry. Any company would be lucky to have him.
Our company, with its global interests and global
reach, can surely benefit from his expertise and
counsel. As U.S. Secretary of Education, Rod Paige
presided over the development and implementa-
tion of the No Child Left Behind Act, the most
significant federal education reform in a genera-
tion. As Superintendent of the Houston, Texas
schools, he put in place tough standards and
insisted on system-wide accountability. In both
jobs he had the pleasure of seeing his efforts bear
fruit as test scores rose and student achievement
climbed. His skill as a manager will make his
counsel invaluable, and his deep knowledge of
education will be an asset for a company whose
lifeblood is the literacy of its consumers.
Second, I am pleased to announce two new
additions to the News Corporation Board of
Directors. José María Aznar, as the President
of Spain, enacted a bold array of reforms that
catapulted the Spanish economy to the forefront
of Europe. His courage as a leader in the war on
terror and the effort to liberate Iraq made him