News Corp.’s news unit posts loss of $2 bil­lion

Austin American-Statesman - - BUSINESS - Com­piled from wire re­ports

LOS AN­GE­LES — Ru­pert Mur­doch’s News Corp. said Fri­day that the news and pub­lish­ing unit it plans to spin off next year posted a $2 bil­lion net loss in the fis­cal year through June, mainly due to one-time charges and re­struc­tur­ing costs in its news­pa­per di­vi­sion.

The de­tails of the split were re­vealed Fri­day in a fil­ing to the Se­cu­ri­ties and Ex­change Com­mis­sion. It con­firmed in­vestors’ sus­pi­cions that the new com­pany — to be known as News Corp. — will be smaller and less prof­itable than the TV and movie busi­ness that will form Fox Group.

The “new” News Corp. posted $8.7 bil­lion in rev­enue last fis­cal year. Charges amounted to $2.8 bil­lion.

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