​In a conference call with Wall Street analysts yesterday, News Corp. CEO Chase Carey said the broadcast business needs to be a “dual-revenue business” to stay healthy and continue producing high-caliber programming. Coming off a weak advertising quarter for News Corp‘s FTA channels, but a strong quarter for its cable and retransmission business, Carey said that with new threats to the industry, such as Aereo, broadcasters can no longer compete on advertising revenues alone.

Carey cited the practice of creating hundreds of pilots for series that never air as an outdated, inefficient development model, and that taking fewer but bigger bets on news shows is a model that has paid dividends for channels such as FX.

Carey also expressed excitement about the revenue opportunities in Hulu Plus. Read more about the call at MediaPost and the Los Angeles Times.

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