News Corp. publishing losing money

Dec. 22, 2012 at 1:05 PM

NEW YORK, Dec. 22 (UPI) -- Publishing businesses controlled by Australian-born billionaire Rupert Murdoch lost $92 million in the fiscal quarter ending Sept. 30, News Corp. said.

The firm said in a public filing that in the year ending June 30, the publishing division of News Corp. lost $2 billion, partly due to restructuring charges, lost advertising revenue and the closing of the News of the World tabloid in Britain.

Earnings from fiscal 2012 dropped to $782 million, down from $1.2 billion in 2011, The Wall Street Journal reported Saturday.

The publishing division produces The Wall Street Journal, the New York Post, the Times of London and The Australian.

The company's restructuring plan calls for splitting entertainment and publishing activities into two corporations.

News Corp. has said its publishing company is expected to start off with more cash than debt, but the filing did not attach specifics figures to that statement, the Journal said.

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