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| Version 1 | Version 2 |
|---|---|
| Advertising slump hits News Corp | Advertising slump hits News Corp |
| (40 minutes later) | |
| News Corp has made a $6.4bn (£4.4bn) quarterly loss, as falling advertising revenues forced it to cut $8.4bn from the value of assets. | News Corp has made a $6.4bn (£4.4bn) quarterly loss, as falling advertising revenues forced it to cut $8.4bn from the value of assets. |
| The media giant's net loss for the three months to 31 December compares with a profit of $832m a year earlier. | The media giant's net loss for the three months to 31 December compares with a profit of $832m a year earlier. |
| Revenues at the firm, which owns BSkyB, 20th Century Fox, and the New York Post and Sun newspapers, were down 8.4%. | Revenues at the firm, which owns BSkyB, 20th Century Fox, and the New York Post and Sun newspapers, were down 8.4%. |
| Owner Rupert Murdoch said the economic downturn was "more severe" than first thought, and warned of likely job cuts. | |
| "We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate," said Mr Murdoch. | "We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate," said Mr Murdoch. |
| Lower sales | Lower sales |
| News Corp's main other businesses include publisher HarperCollins and social networking website MySpace. | News Corp's main other businesses include publisher HarperCollins and social networking website MySpace. |
| Our results for the quarter are a direct reflection of the grim economic climate Rupert Murdoch | Our results for the quarter are a direct reflection of the grim economic climate Rupert Murdoch |
| News Corp's results were worse than market expectations. | News Corp's results were worse than market expectations. |
| In addition to falling advertising revenues at its TV and newspaper interests, News Corp said it had been hit by lower DVD and book sales. | In addition to falling advertising revenues at its TV and newspaper interests, News Corp said it had been hit by lower DVD and book sales. |
| The quarterly loss was New Corp's first in more than three years. | The quarterly loss was New Corp's first in more than three years. |
| It now predicts a 30% fall in operating profits for its fiscal year to the end of June. | It now predicts a 30% fall in operating profits for its fiscal year to the end of June. |
| "Our results for the quarter are a direct reflection of the grim economic climate," added Mr Murdoch. | "Our results for the quarter are a direct reflection of the grim economic climate," added Mr Murdoch. |
| Analyst David Joyce of Miller Tabak, said News Corp was "more exposed to advertising than you want to be in this kind of climate". |