Cybersecurity
News Corp. Publishing Business Lost $2.1 Billion
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News Corp.’s publishing business, poised to spin off into a separate company next year, reported a net loss of $2.1 billion in fiscal 2012 because of restructuring, falling sales and the costs of a U.K. scandal.
The business swung to a loss in the period after a profit of $678 million in 2011, News Corp. said today in a filing. The company, controlled by Rupert Murdoch, is breaking off the division from its entertainment operations, which will be called the Fox Group. Publishing revenue fell to $8.65 billion in the year ended June 30, from $9.1 billion in 2011.