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News Corp. Posts $6.4B Loss

By the Associated Press

Posted Feb 5, 2009 5:23 PM CST

(AP) – News Corp., the global media giant controlled by Rupert Murdoch, said today it lost $6.4 billion in its most recent quarter because of a massive write-down in the value of its assets. The company, which owns the Wall Street Journal and Fox, also forecast a 30% drop in operating profits for the fiscal year to June from a year ago, when it earned $5.13 billion.

News Corp. shares rose 5 cents to $7.50 in after-hours trading. Murdoch, the chief executive who controls more than a third of the shares, blamed the bleak outlook on falling advertising revenue and the impact of weak consumer sentiment on DVD and book sales. The company's first loss in 13 quarters is "a direct reflection of the recession that is deeper than anyone predicted," he said.

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Chairman and CEO of News Corporation, USA, Rupert Murdoch. (AP Photo)

Rupert Murdoch. (AP Photo)

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We are doing everything we possibly can to position ourselves to emerge stronger when the economy returns to some semblance of normalcy. - Rupert Murdoch

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COMMENTS

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Showing 3 of 4 comments

Snowleopard

Feb 6, 2009 6:12 AM CST

I think it's sorta funny that glenn beck has now moved over to fox news to join the other right winger. Some of their rhetoric really is pretty disgusting though... the channel is a discredit to journalism.

PosterNutbag

Feb 6, 2009 3:29 AM CST

Had they any journalists, they would have been forced to make some layoffs in that sector.

Guest

Feb 5, 2009 11:04 PM CST

Why can't there be at least one single voice for the 58,343,671 people that don't drool over your joke of president.

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Associated Press (Source Grid »)

Money • Lifestyle • Media

Rupert Murdoch • Wall Street Journal • earnings reports • recession • Fox News • News Corp • economic downturn

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