9 Aug 2012

Quarterly loss at News Corp

10:51 am on 9 August 2012

News Corp has posted a quarterly loss of $US1.6 billion compared with a profit of $US683 million a year ago.

The loss includes a restructuring charge of almost $US3 billion that overshadowed growth at its cable networks.

Revenue fell 6.7% to $US8.4 billion during the quarter.

News Corp owns Fox Broadcasting in the United States and newspapers such as The Wall Street Journal and The Sun in Britain. It is also the parent of the 20th Century Fox studios.

It plans to split its profitable film and TV business from British newspapers, which are embroiled in a phone-hacking scandal.