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