News Corp income falls $1.6b
THE publishing arm of Rupert Murdoch's News Corporation was the driving force behind a $1.6billion fall in the company's income during final quarter of the 2011-12 financial year.
The decline in income for the world's largest media company was one of the earliest announcements as the financial reporting season kicked off this week.
While the same quarter last year netted an income of $683million, the latest quarter included a $2.9billion pre-tax "impairment" on the back of restructures in the company's publishing arm.
But the decline was partially offset by 14% growth in News Corps' cable network program, leading to an annual revenue of $33.7billion, or 1%, up on last year's figure of $33.4billion income.
In a written statement, the company reiterated its intentions to split its publishing and entertainment arms in a bid to find more growth for shareholders.