Media News - Friday, August 10, 2012
News Corp. posts loss after writing down publishing business
News Corp., billionaire Rupert Murdoch’s media company, reported a USD 1.55bn fourth-quarter loss after writing down the value of publishing assets hurt by scandal and shrinking advertising revenue. The net loss was 64 cents a share, compared with net income of USD 683m, or 26 cents, a year earlier, the New York-based company said today in a statement. The majority of News Corp.’s value comes from its entertainment operations, which include the Fox News cable network and Twentieth Century Fox film studio. In June, Murdoch announced a plan to split off the declining publishing division, home to the Wall Street Journal in the U.S. and the Sun newspaper in the U.K., into a separate public company. Annual publishing profit fell 31 percent to USD 597m, partly because of shrinking advertising revenue at the Australian newspapers as well as the closure of the News of the World newspaper, the company said. Coping with the scandal’s fallout has cost News Corp. about USD 315m since it broke in July 2011, with USD 57m coming this past quarter. That includes legal fees, settlements and losses from closing the News of the World, where the hacking originated. (Bloomberg)
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