/// News Corp. Posts Loss on Publishing Write-Down

August 9, 2012  |  Media Week

News Corp. on Wednesday reported a significant fourth-quarter loss, as restructuring charges and costs related to the ongoing investigation of the U.K. phone-hacking scandal took a bite out of the company’s operating income. In the three-month period that ended on June 30, News Corp. posted a net loss of $1.55 billion, or -64 cents a share, compared to a net profit of $683 million, or 26 cents a share, in the year-ago period. The results included $2.9 billion pre-tax impairment and restructuring charge, primarily related to the company’s publishing businesses. News Corp. took a $57 million charge for costs associated with the investigation into the phone-hacking and bribery scandals at its now-defunct London tabloid The News of the World . For the entire fiscal year, the company took a $224 million hit. As is generally the case, the Fox Cable unit shone brightest. A strong showing at FX, Fox News Channel and National Geographic Channels helped generate $792 million in operating income, up 26 percent from $631 million in the prior-year period.

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News Corp. Posts Loss on Publishing Write-Down

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