Media

News Corp. Says Publishing Unit Lost Money

Published on December 21, 2012
by John Jannarone

News Corp said the publishing company it plans to spin off incurred losses last fiscal year and in the most recent quarter.

The media conglomerate, which plans to separate its entertainment businesses from its publishing businesses into two separate listed stocks next year, said the publishing company would have reported a net loss of $2.08 billion in the year through June 30 if it had been a stand-alone company.

The loss was mainly the result of $2.8 billion in impairment and restructuring charges, which News Corp. previously disclosed. But the financial statements for the publishing company, filed with the Securities and Exchange Commission early Friday, showed that earnings contributions from the businesses also declined.

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