Billionaire media mogul Rupert Murdoch's News Corp Wednesday reported a $1.55 billion loss in its fourth quarter just as it plans to split off its declining publishing
division.
Much of the loss came from $2.8 billion in writedowns in its Australian newspapers and other publishing concerns. The closure of Britain's News of the World after the digital hacking scandal
contributed to those losses.
Most of News Corp's value is in its entertainment operations, including the Fox News cable network and Twentieth Century Fox film studio.
The $1.55-billion loss compared to earnings of $683 million in the same period of 2011. Revenues dropped 7 percent to $8.4 billion.
Murdoch announced in June his plans to split his company in two, between the publishing and entertainment branches. Murdoch also publishes The Wall Street Journal as well as the Times and Sun of
Britain.
