News Corp. Cuts Forecast for Fiscal 2002 Earnings

News Corp., the media company controlled by Rupert Murdoch, and its Fox Entertainment Group Inc. unit cut profit forecasts for fiscal 2002, saying terrorist attacks have worsened an advertising slump.

News Corp.’s profit before interest and taxes is expected to rise at a percentage rate in the “high single-digit to low double-digit range,” President Peter Chernin said at a conference in New York. The company previously expected growth of 15% to 25% for the year ending June 30.