News Corporation, one of the largest media world record in the fourth quarter of 2008 net loss amount in U.S. $ 6,4 billion, writes The Guardian. Most of the losses Corporation Rupert Murdoch was due to the write-off of assets to 8.4 billion dollars.
Without these write-offs net profit of the holding has fallen over the same period in 2007 with 832 to 320 million, or 62 per cent. This gross revenue declined by 8.4 per cent to 7.87 billion, while analysts predicted its volume at the level of 8,38 billion, informs Bloomberg.
According to Murdoch, his company expected deterioration in market conditions, but does not suggest that the recession will be so harsh. "To maintain profitability, we must reduce costs and dismiss staff, wherever possible," - added mediamagnat.
News Corp. joined the Time Warner and Walt Disney, which also announced a loss or a reduction in profit over and above the expectations of market experts. For instance, Time Warner lost 16 billion for the quarter dollars. Mediakorporatsy losses caused by declining revenues from advertising.
According to the Guardian, the only division where profits rose slightly, are issued by magazines, which include well-known American edition of Weekly Standard. The main assets of News Corp. are also the business newspaper The Wall Street Journal, movie studio 20th Century Fox, the satellite television company Sky TV, as well as the social network MySpace.