New York - Shares in media conglomerate News Corp. (NYSE: NWS) fell 16% on Thursday after the company warned that its profit for the current fiscal year, which began in July, will drop by a "low- to mid-teens" percentage point due to a slowdown in revenues and a stronger U.S. dollar.

The company said its income for the quarter ended in September fell to $515 million, down from $732 million a year ago.

Revenue at the company's Fox Interactive Media group, which owns MySpace, rose 17% to $220 million, but the company said profits did not increase in that group due to higher spending on development initiatives.

Chairman and CEO Rupert Murdoch, who owns a controlling 30% interest in News Corp., said the company is now "intensely focused" on cost cutting, and averse to any acquisitions until there is greater "visibility" in the economy.

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