News Corp. Loses $6.4 Billion
February 6, 2009 at 5:27 AM (PT)
NEWS CORP. YESTERDAY (2/6) reported a fiscal second-quarter loss on the back of an $8.4 billion writedown on the value of its television stations, newspapers and other assets, which obscured continued strength in the company's cable networks unit, reports THE NEW YORK POST.
As a result of the writedown, NEWS CORP. recorded a net loss of $6.4 billion, or $2.45 per share, compared with net income of $832 million, or 27 cents per share, a year ago. Excluding the writedown, the company would have recorded net income of $320 million, or 12 cents per share.
"While we anticipated a weakening, the downturn is more severe and likely longer lasting that previously thought," Chairman RUPERT MURDOCH said in a statement.