Rupert Murdoch has newspapering in his blood. And for over half a century, he's been scooping up papers around the world, with the biggest prize being the $5 billion purchase of the Wall Street Journal in 2007.

But as the Times reports, Murdoch's love of newsprint, and more importantly, his unflinching financial support -- dropping tens of millions annually on the NY Post -- is worrying investors still coping with News Corp's recent $8.4 billion write-down.

In more vibrant economic times, investors and Wall Street analysts were more willing to look past Mr. Murdoch’s attachment to newspapers — the newspaper segment is now the company’s biggest single source of revenue, about 19 percent in the most recent quarter. But they find that a tougher chore these days, as other media struggle and newspapers suffer through their worst slump since the Depression. “The thing I hear from investors is that they wish News Corp. was everything but newspapers,” said David C. Joyce, media analyst at Miller Tabak & Company. “Investors are more forgiving when they are in a better mood,” he said. “The hope for a turnaround in the newspaper business is looking elusive.”

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