News Corp. reports $6.4 billion loss

[MinM]

http://www.variety.com/article/VR1117999614.html?categoryid=3284&cs=1

Rupert Murdoch's forecast of dark clouds shrouding his media empire proved too optimistic Thursday as News Corp. reported a $6.4 billion loss in its second quarter.

The loss for the period ended Dec. 31 was due to a previously announced writedown of assets worth about $8.4 billion on the purchase of Dow Jones and TV licenses, among other declining assets. In the year-earlier quarter, the conglom booked a net profit of $832 million...

Murdoch wasn't focusing on good news in his comments to Wall Street analysts during a post-earnings conference call. He proclaimed the financial crisis "the worst since News Corp. was formed" a half-century ago.

"Our results for the quarter are a direct reflection of the grim economic climate," he said. "While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought."...

Fox Business Channel will be "more business-friendly"

"There's an atmosphere to (CNBC) that's negative."

[MNDemNY]

1. Time for a Government bailout. We MUST help Murdoch. The poor soul.

[Lost4words]

2. gosh thats just awfull. I hope it dosent effect his health.

:sarcasm:off :woohoo: Pink slips?

[CJCRANE]

3. So much for "creating reality".

Reality bites back.

[madinmaryland]

4. Looks like it's time to axe the loofah guy!!