Newspaper woes send Murdoch's News Corp into red

Newspaper woes send Murdoch's News Corp into red”

The company controlled by media mogul Rupert Murdoch and his family reported a loss of $430 million in the fiscal quarter ending June 30.

The company said the loss in the quarter was due to a pre-tax non-cash impairment charge of $464 million, mainly related to the write-down of fixed assets at its United Kingdom newspapers.

USA media group News Corp on Thursday reported a loss in the past quarter, hit by declines in advertising and writedowns at its global newspapers.

Revenues for the quarter dropped 7 percent to $2.08 billion from $2.23 billion a year ago.

Revenue from its digital real estate services unit - which consists of REA Group Ltd, a real estate advertising company in Australia - rose about 10 percent to $251 million beating estimates of $243.2 million, according to financial data and analytics firm FactSet.

"I think it's fair to say on the digital advertising front that in the last half of the fiscal year we didn't see the growth that we wanted", said News Corp Chief Executive Robert Thomson.

Advertising revenue, the company's biggest source of revenue, fell 8.2 percent to $737 million in the reported quarter.

Revenue in News Corp's book-publishing segment totaled $407 million, a 6% decline compared with the year-earlier period, with the impact of currency fluctuations and the shorter accounting period offset by strong sales of "Dragon Teeth" by Michael Crichton and J.D. Vance's "Hillbilly Elegy".

Most of the print operations of the original News Corp were kept when the company was split into two separate firms in 2013 (the other is 21st Century Fox) as part of a plan to "unlock value" for shareholders but it seems things are unravelling quickly for Murdoch who began a gradual withdrawal from both companies at the time.

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