News Corp. Faces Losses Due To Restructuring Costs

Rupert Murdoch's News Corp. has already taken more than $3bn in writedowns on its struggling publishing business and now faces a $1.6bn (£1bn) loss in the fourth quarter.

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 says it cannot include the cost of the investigation in its 2013 outlook because it is too "unforeseeable" to take any action.

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

News Corp. did not provide further details but said the charges primarily related to Mr. Murdochi's publishing activities in his native Australia. News Corp.'s newspaper business in the region, News Limited, is integrating its print and digital businesses. Hundreds of employees are expected to lose their jobs as a result of the disruption. 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, 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 the News of the World and lower operating revenue. This decreased to $39 million. Decrease in advertising revenue.

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