Wednesday, August 05, 2009

BBC NEWS | Business | Loss for News Corp in 'weak' year

BBC NEWS | Business | Loss for News Corp in 'weak' year

News Corp lost $3.4bn (£2bn) in the year to the end of June - which Chief executive Rupert Murdoch said had been "the most difficult in recent history".

The loss, due to $8.9bn in writedowns already announced, compared with a $5.4bn profit a year earlier.

Revenues at the media giant, which owns BSkyB, 20th Century Fox, and the New York Post and Sun newspapers as well as the MySpace website, were down 7.8%.

The firm has suffered from plunging advertising revenues.

"Our financial performance clearly reflects the weak economic environment that we confronted throughout the year," chief executive Rupert Murdoch said.

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