News Corp posts nine-digit loss

THE Australian arm of Rupert Murdoch's News Corp has reported a $300 million loss for the past financial year, with large write-downs in the value of its mastheads reflecting the difficulties facing the newspaper industry and the unpredictable future of digital media.

Accounts filed with the corporate regulator show that in his final full year as chairman and chief executive of News Ltd, John Hartigan oversaw a write-down in the value of the assets of its holding company in the order of $713 million.

That turned the operating profit of News Australia Holdings into a significant loss. Last year, it reported a $300 million profit.

The group includes The Australian, Daily Telegraph, Herald Sun and other newspapers, plus a quarter stake in Foxtel, half of Fox Sports and 44 per cent of the New Zealand pay TV monopoly, Sky.

It reported an operating profit of $645 million, up 1.7 per cent on the previous year, with revenues of $2.9 billion, up a comparatively marginal $46 million.

Read more at Brisbanetimes.com.au
 



DON'T MISS IT: Activate your free bonus for big rewards

DON'T MISS IT: Activate your free bonus for big rewards

How you could win a share in $500k

Why there will be a two-month delay in drug supply case

Premium Content Why there will be a two-month delay in drug supply case

The 33-year-old Nimbin man also faces charges relating to an alleged break and...

Bright flashes, ‘fireballs’ expected in our skies this week

Premium Content Bright flashes, ‘fireballs’ expected in our skies this week

There were sightings in Ballina, Suffolk Park and as far north as Tugun