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News Corp profits fall on sale of MySpace website

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-11-11 05:53 AM
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News Corp profits fall on sale of MySpace website
http://www.bbc.co.uk/news/business-14483682

Media giant News Corporation has seen its quarterly profits fall 22% on the back of losses caused by the sale of the MySpace social networking website.

The company, whose UK subsidiary News International has been rocked by the phone hacking scandal, made $683m (£423m) net profit in the three months to 30 June - down from $875m last year.

News Corp sold MySpace in June for $35m, having paid $580m for it in 2005.

Chairman Rupert Murdoch said he had the backing of his board.
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