News Corp (Owners of The Sun and The Times as well as 39% of BSkyB) is embarking on what chairman Rupert Murdoch deemed "rigorous cost-cutting" as it looks to address a loss of $6.42bn in Q4 2008.
The loss was driven largely by an $8.4bn write-down on the value of its TV and newspaper assets.
Among its UK operations, News International's pre-tax profits, in sterling, were flat year on year in Q4 2008. Ad revenue was down 10% year on year. Circulation revenue increased slightly during the quarter mainly from price increases.
http://www.mediaweek.co.uk/News/8792...ews-Corp-loss/
Info from Mediaweek.