News Corp scandal adds to £1bn loss
Thursday 09 August 2012
Printable
EmailObservers were neither shocked nor horrified when Rupert Murdoch's tattered media empire News Corporation - under fire in a massive phone-hacking scandal - broke news of a £1 billion loss today.
Its loss in the three months ending June compared with a profit of £436 million in the same spell last year.
The firm, which publishes the Sun, the Times and the Sunday Times, said that it still faces legal costs linked with the hacking scandal.
It said its full-year results included a £143m charge related to "the costs of the ongoing investigations initiated upon the closure of the News of the World" - £36.4m in the last quarter alone.
But Mr Murdoch said the company was in a "strong" position which would be enhanced by plans to split the company into two parts - separating its entertainment businesses and its publishing side.
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