News Corporation (NWS), one of the world’s largest media companies delivered a slightly weaker than expected set of 4th quarter and full year numbers this morning.
News posted a US$1.55 billion Net Loss in the last quarter, but overall posted a lift in revenue for the Full Year up 1% to US$33.7 billion.
The last financial year was a tough one for News Corp with the UK phone hacking scandal costing the company US$57 million in the last quarter alone in addition to the restructure of its publishing division.
Publishing profit for the year fell by 31% to US$597 million, hit by shrinking ad revenue in its Australian newspaper business and the closure of the News of the World tabloid in the UK. NWS’s best performing division was its Cable Network Programming unit, listing a 14% increase in earnings.
News Corp announced a write-down of US$2.8 billion due to restructuring and US$1.3 billion in costs relating to its Australian newspaper arm.
News Corp Full Year Results