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News Corp., one of the largest media companies in the world, posted its financial results for the fourth quarter of the 2009 fiscal year and it doesn't look good for the media giant. While net income was of $5.4 billion last year, 2009 shows the company heading for a loss of $3.4 billion. All of its businesses are underperforming but a big part of this loss can be attributed to Fox Interactive Media, a subsidiary that handles MySpace among other smaller sites, which posted a $363 million loss. “I am pleased that we are reporting adjusted operating income right in line with the guidance we previously provided during the last six months which reflects a decline of approximately 30%,†News Corp. CEO Rupert Murdoch commented. “The past year has been the most difficult in recent history, and our 2009 financial performance clearly reflects the weak economic environment that we confronted throughout the year. We streamlined all our businesses and continue to do so, at the!
same time adjusting to the revolutionary changes taking place throughout the media industry.†All segments â€" TV, newspapers, cable, etc. â€" performed poorly, with slumping ad sales and several big expenses dragging income down. In the fourth fiscal quarter alone, the company lost $203 m...
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http://news.softpedia.com/news/MySpace-Accounts-for-a-363-Million-Drop-in-News-Corp-039-s-Profits-118514.shtml
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