News Corp. loses big in 2Q
Posted by Leah McBride Mensching on August 5, 2009 at 4:00 PM
In the second quarter of 2008 News Corp. had a net income of US$1.1 billion, but by the end of the second quarter this year, ending June 30, Rupert Murdoch's global media empire saw a net loss of $203 million, largely due to losses incurred by its social networking site MySpace, The Los Angeles Times reported Wednesday.
News Corp. doesn't reveal MySpace's exact numbers; however, the site is the largest contributor in the corporation's "other" category, which "saw its adjusting operating loss grow from to $137 million from $59 million last year," according to the Times.
News Corp. doesn't reveal MySpace's exact numbers; however, the site is the largest contributor in the corporation's "other" category, which "saw its adjusting operating loss grow from to $137 million from $59 million last year," according to the Times.
MySpace is included in News Corp.'s Fox Interactive Media, which saw the bulk of $680 million in impairment and operating charges, according to The Associated Press.
"Given that you have traffic not growing anymore at MySpace, there's concern that a big chunk of revenue is going to come out of there," Michael Morris, a New York-based analyst with UBS AG, told Bloomberg before the numbers were out.
"Given that you have traffic not growing anymore at MySpace, there's concern that a big chunk of revenue is going to come out of there," Michael Morris, a New York-based analyst with UBS AG, told Bloomberg before the numbers were out.
0 TrackBacks
Listed below are links to blogs that reference this entry: News Corp. loses big in 2Q.
TrackBack URL for this entry: http://www.editorsweblog.org/mt/mt-tb.cgi/19020
Leave a comment