Friday, February 6, 2009

News Corp. in trouble

From CNBC:

NEW YORK (Reuters) - Rupert Murdoch's News Corp posted its biggest ever quarterly net loss, after taking an $8.4 billion writedown for the value of its Dow Jones acquisition, broadcasting licenses and other assets.

Excluding the charge, the results missed Wall Street forecasts as the recession exacerbated the fall in newspaper advertising sales and hit the company's other properties.

News Corp shares fell 6.3 percent to $6.50 in after-hours trading and have shed about 65 percent of their value in the past 12 months.

"It is the worst global economic crisis since News Corp was formed 50 years ago," Murdoch, chairman and chief executive, said on a conference call with analysts.

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