Ouch!
Broadcasting and Cable:
News Corp. announced a net loss of $6.4 billion in the final quarter of the year, the company's second fiscal quarter, as it wrote down the value of its TV operations, newspapers and information services to the tune of $8.4 billion.
Commenting on the results company Chairman and CEO, Rupert Murdoch, said the results were a “direct reflection of the grim economic climate.” He said the downturn had been more severe than expected and would likely last longer than predicted. The company would continue its efforts to cut costs across the business.
In the television segment second quarter operating income was down $227 million to $18 million as a result of decreased earnings at Fox TV stations, Fox Broadcast Network, Star, the company’s Asian pay-TV company and MyNetworkTV. Operating income at the stations fell 44% against the year ago period. Local TV advertising in the quarter dropped an estimated 19% in the quarter. The company sold eight of its stations last year, however.
1 comment:
Lays offs are on the way and many who call themselves the voice of the Republican Party will be out. Murdoch could hire the Republican Economic Adviser Joe the Plummer for a cheap price. Who knows maybe Michael Steele will ask for a job when they kick him out of being the Chairman.
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