News Corp. Suffers Staggering $6.4 Billion Loss
RYAN NAKASHIMA | February 5, 2009
AP
LOS ANGELES — News Corp., the global media giant controlled by Rupert Murdoch, said Thursday it lost $6.4 billion in its most recent quarter because of a massive write-down in the value of its assets.
The New York-based company, which owns The Wall Street Journal and the Fox broadcast network, also forecast a 30 percent drop in operating profits for the fiscal year to June from a year ago, when it earned $5.13 billion.
The forecast was a sharp downgrade from November when it expected "low to mid-teens" percentage drop for the year.
(More here.)
AP
LOS ANGELES — News Corp., the global media giant controlled by Rupert Murdoch, said Thursday it lost $6.4 billion in its most recent quarter because of a massive write-down in the value of its assets.
The New York-based company, which owns The Wall Street Journal and the Fox broadcast network, also forecast a 30 percent drop in operating profits for the fiscal year to June from a year ago, when it earned $5.13 billion.
The forecast was a sharp downgrade from November when it expected "low to mid-teens" percentage drop for the year.
(More here.)
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