News Corp. posted a 70 percent drop in net income to rest at $300 million, and a 16 percent drop in revenue to $7.37 billion, for the last quarter, the Los Angeles Times reported. The only increase in revenue was seen in the area of cable television, which was up by 11 percent, with its operating income up by 30 percent.

The company's newspapers, including the Wall Street Journal and the New York Post, experienced revenue drops of 28 percent with operating income falling from $216 million to $7 million.