Planned News Corp spin-off lost $2B in fiscal 2012

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Associated Press

Posted on December 21, 2012 at 5:01 PM

Updated Friday, Dec 21 at 5:01 PM

LOS ANGELES (AP) — Rupert Murdoch's News Corp. says the news and publishing unit it plans to split off next year posted a $2 billion net loss in the fiscal year through June, mainly due to one-time charges and restructuring costs in its newspaper division.

The details of the split were revealed Friday in a filing to the Securities and Exchange Commission. It confirmed investors' suspicions that the spun-off company —to be known as News Corp.— will be smaller and less profitable than the TV and movie business that will form Fox Group Inc.

The "new" News Corp. posted $8.65 billion in revenue last fiscal year, about a quarter of the company's total.

News Corp. CEO Murdoch, 81, will be executive chairman of the spin-off company.

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