News Corp Face Loss On Restructuring Charge
The News Corporation of Rupert Murdoch has now come face to face with a loss 1.6 billion dollars that is 1 billion pounds in the fourth quarter, after it had already written off more than a sum of 3 billion dollars at its beleaguered publishing business.
This media group had paid out a sum of 224 million pounds in the form of costs relating to "ongoing investigations" into the News of the World which was a phone hacking scandal. this was also inclusive of 57 million dollars in the three months to the ending of the month of June. It is being said that it could not factor the cost of the investigations into their own forecasts for the year 2013 because they were too "unpredictable" to do anything
The company, which last month had set out plans for splitting into two listed businesses, by separating its publishing assets from its much more profitable film as well as television businesses, also took a charge of 2.8 billion dollars for restructuring as well as impairments.
News Corp did not give out any kind details but it had to say that the charges which were largely associated with their publishing operations in Murdch's native country Australia. News Limited, News Corp's newspaper business in the very territory, is in the process of merging their print as well as digital operations in a shake-up that is expected to cost-up hundreds of staff members their jobs. In a sum total, News Corp has seen a loss of 1.6 billion dollars in the three months to the ending of the month of June, when compared to a 683 million dollars profit in the same period in the last year that is in 2011. The revenues had gone down by 6.7 per cent to 8.4 billion dollars below the expectations of the analysts. Apply with short term payday loan cash advance lenders @ shorttermloanlenders.co.uk Get cash now
The film and television businesses of the News Corp did the bulk of the heavy lifting, which was led by a strong performance from their cable television operations such as Fox News. By contrast, the publishing business, which was inclusive of The Times, The Sunday Times and The Sun newspapers in the United Kingdom along with the book publisher HarperCollins, also witnessed the operating revenues going downwards from 270 million dollars to a sum of 139 million dollars following the closure of the News of the World as well as a drop in the revenues of the advertising as well.
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