Open

Coming up

Don't miss

Replay


LATEST SHOWS

REPORTERS

Inside the CIA’s secret prisons

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

IN THE PAPERS

'Caution, another Cast Lead lies ahead'

Read more

BUSINESS DAILY

Rising into the ranks of Haute Couture

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Inside the CIA’s secret prisons

    Read more

  • Are French high school students getting smarter?

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Living in Tel Aviv, under threat of rocket attack

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

  • US prepared to negotiate Gaza ceasefire, Obama says

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

Business

News Corp suffers massive losses, jobs to be cut

©

Latest update : 2009-02-06

Even media giant empire News Corporation has announced a $6.41 billion loss in the second quarter of its fiscal year. Group CEO Robert Mudoch explained job cuts are to be expected.

AFP - News Corp. reported a huge quarterly loss on Thursday and chairman Rupert Murdoch said the grim economic climate would force job cuts at his sprawling media empire.
  
News Corp. reported a 6.41 billion dollar loss in the second quarter of its fiscal year compared with an 832 million dollar net profit in the corresponding quarter a year ago.
  
"Our results for the quarter are a direct reflection of the grim economic climate," Murdoch said in a statement.
  
"While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought.
  
"As a result, we have been taking actions to preserve a solid level of operational profitability and a strong balance sheet without sacrificing future growth," the News Corp. chairman and chief executive said.
  
"We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate," Murdoch added.
  
"We believe our businesses are well positioned to withstand a lengthy downturn and to emerge stronger as the current economic situation improves."
  
Murdoch did not say which News Corp. units were targeted for job cuts or announce any figures.
  
News Corp. owns the Fox, STAR and SKY television networks, social network MySpace, book publisher HarperCollins and newspapers in the United States, Britain and Australia among other properties.
  
Its US newspapers include The Wall Street Journal and New York Post.
  
News Corp. said its results for the quarter which ended on December 31 were impacted by 8.4 billion dollars in one-time charges, including a writedown of the value of its Federal Communications Commission (FCC) licenses.
  
New Corp. reported adjusted operating income of 818 million dollars, a drop of 42 percent from the same quarter a year ago, and earnings per share of 12 cents, well below analysts' expectations of 19 cents.

Date created : 2009-02-05

Comments

COMMENT(S)