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Murdoch’s News Corp reports loss on writedowns

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New York: Rupert Murdoch’s newspaper-focused News Corp reported a loss in the past quarter, as results were hit by a writedown in the value of its Australian television operations and declines in print advertising revenues. The New York-based media group said the loss in the quarter ended on March 31 was $1.1 billion, mainly from a markdown in value of Foxtel and Fox Sports Australia.


Overall revenues for the fiscal third quarter rose six per cent to $2.1 billion, helped by increases in digital real estate operations and book publishing. The newspaper operations — which include The Wall Street Journal, The Times and The Sunday Times of London as well as Australian titles — saw mixed results.


Revenue for the newspaper unit grew two per cent, helped by circulation and subscription gains at The Wall Street Journal. But ad revenues were down three per cent, reflecting weakness in the print advertising market, notably in the US and Australia. The Journal saw the number of digital subscribers hit 1.49 million by the end of March, with 409,000 at the company’s Australian newspapers. The Times and The Sunday Times digital subscribers rose to 230,000. — AFP


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