News Corp. Faces Losses Due To Restructuring Costs

Business Published on

Rupert Murdoch's News Corp. suffered a loss of $1.6 billion (£1 billion) in the fourth quarter after taking more than $3 billion in writedowns on its struggling publishing business.

The media group had paid a total of £224 million in costs related to an "ongoing investigation" into the News of the World phone hacking scandal. This includes his $57 million for the three months ending in June. The company said it cannot include investigation costs in its 2013 outlook because they are too "unforeseeable" to take action.

Last month, the company announced plans to separate its publishing assets from its much more profitable film and television business and split them into two publicly traded companies, recording $2.8 billion in restructuring and impairment charges.

News Corp. did not provide further details but did say the charges primarily relate to Mr. Murdochi's publishing activities in his native Australia. News Limited, News Corp's newspaper business in the region, is merging its print and digital businesses, with hundreds of staff expected to lose their jobs. Overall, News Corp. posted a loss of $1.6 billion in the three months to the end of June. In comparison, he had a profit of $683 million in the same period last year. Sales fell 6.7% to $8.4 billion, which was below analysts' expectations. "is the expectation. Apply with a short-term lender at shorttermloanlenders.co.uk. Get cash now.

News Corp.'s film and TV business did most of the heavy lifting, driven by the strong performance of cable TV businesses such as Fox News. The UK's publishing business, which includes the Times, Sunday Times, and Sun newspapers and book publisher HarperCollins, also saw operating revenue fall from £270 million to $1,000 due to the closure of News of the World and lower operating revenue. This decreased to $39 million. Decrease in advertising revenue.

Article Source: https://boostarticles.com

Join Us: https://boostarticles.com/signup