A clearly more subdued Murdoch also told the group's annual meeting that he was worried a worldwide recession brought on by deflationary forces could hit advertising revenues for his extensive television and newspaper operations.

But, he said that there were no signs yet of such an advertising slowdown.

Murdoch said that News Corp wanted to go ahead with the plan to spin off just over 13 per cent of the Fox Group, but was waiting for final regulatory clearance and for markets to settle down over the coming weeks.

"We will watch over the next few days, few weeks. When we feel surer markets have settled down, we will go right ahead with that," Murdoch told the group's annual meeting.

When asked at a later news conference about the exact timing of the IPO, he said: "As soon asthe markets settle down."

He would not give any more definite date for the IPO and would not confirm that News Corp would proceed before the end of calendar 1998.

"We don't have to do it. We don't need the money," he said when asked for a more definite date.

News Corp's share price has fallen as much as 25 per cent from its July record high as investors fretted over the effect the market turmoil was having on the IPO and on disappointment the IPO was smaller than first planned.

Underlining his more cautious tone, Murdoch said News Corp had no plans to spend the significant amount of cash it had on hand until the market turmoil had settled.

"We don't have big plans for big acquisitions at the moment at all," Murdoch told the news conference

"We are very much concentrating on organic growth," he said.

Murdoch also said that his News Corp empire faced "crazy problems" with media regulation throughout the world.

But, he said that technological advances would ultimately make media policyirrelevant.

"We have crazy problems with media policy in every corner of the world," Murdoch told shareholders at the meeting.

He said that News Corp had been forced to make three of its British television channels available to competitors at regulated prices.

"Socialism is not dead yet," Murdoch joked, to the groans of News Corp shareholders.

Asked at a news conference later about media policy in Australia, he said: "it's no worse here than elsewhere."

News Corp is not considered an Australian company for media ownership purposes because Murdoch, although born in Australia is now a US citizen.

But, Murdoch said other foreign companies were committed to buying radio stations while Internet sites and other media were competing with the dissemination of news.

"I think technology is just going to sweep over all these things in time."

Meanwhile, talking about his personal life Murdoch said he was relaxed about recent scrutiny of his private life and had no complaints about media coverage ofit.

Reports from the US say Murdoch, who separated from his wife Anna in April, has formed a close relationship with Wendy Deng, a 31-year-old executive from his Star television service.

The New York Times said last week that Murdoch, 68, had even moved into an ultra-trendy hotel in New York's Greenwich village since splitting with Anna after 31 years of marriage.

Anna Murdoch sued for divorce in July and is seeking spousal support from her billionaire estranged husband through a Los Angeles court. She has also resigned from the board of the Murdoch-controlled News Corp Ltd, the parent company of his global media empire.