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News Corp posts loss on restructuring charge

by fwire  Aug 9, 2012 03:15 IST

#Business   #India   #NewsTracker  

REUTERS - Rupert Murdoch's News Corp (NWSA.O) posted a quarterly loss on Wednesday after taking $2.85 billion of restructuring and impairment charges that overshadowed growth at its cable networks.

It posted a fiscal fourth-quarter net loss of $1.55 billion, or 64 cents per share, compared with a profit of $683 million, or 26 cents per share, a year ago.

Adjusted quarterly profit was 32 cents, meeting analysts' expectations, but down from 35 cents a year ago.

Revenue fell 6.7 percent to $8.4 billion during the quarter.

At its cable networks, operating profit rose 26 percent on a 16 percent increase in affiliate fee revenue from cable, phone and satellite TV distributors. Advertising revenue at its domestic cable channels rose 5 percent.

Operating income at the company's movie unit fell 43 percent to $120 million.

Fox Broadcasting also saw operating income fall 8.5 percent to $213 million.

News Corp owns Fox Broadcasting in the United States, the FX and Fox News cable networks, and such newspapers as The Wall Street Journal and The Sun in the UK. It is also parent of the Twentieth Century Fox studios.

The company said in June it would separate its publishing and entertainment assets by next year in move to satisfy shareholders.

(Reporting By Yinka Adegoke; Editing by Steve Orlofsky)

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