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indiantelevision.com Team
MUMBAI: Rupert Murdoch-promoted News Corporation has said in its regulatory filing that its publishing arm on a standalone basis would have lost $2.08 billion in the last fiscal year compared to $678 million a year earlier.
The loss includes an impairment charge of around $2.6 billion due to closure of the News of the World and lower revenues at its Australian papers.
The company?s revenue from publishing business fell to $8.65 billion in fiscal year 2012, from $9.1 billion a year earlier.
News Corp has initiated the process of splitting the company into two independent, publicly-traded companies by filing an initial Form 10 Registration Statement with the US Securities and Exchange Commission (SEC).
Earlier, this month News Corp had decided to name its media and entertainment company as Fox Group with the publishing entity retaining the name News Corporation.
News Corporation, the new publishing arm, will comprise a range of market-leading brands in newspapers, information services and integrated marketing services, digital real estate services, book publishing, digital education, as well as sports programming and pay-TV distribution in Australia.
Fox Group, the film and television businesses, will comprise Fox Broadcasting, Twentieth Century Fox Film, Twentieth
Century Fox Television, Fox Sports, Fox International Channels, Fox News Channel, Fox Business Network, FX, Star Network, the National Geographic Channels, Shine Group, Fox Television Stations, BSkyB, Sky Italia and Sky Deutschland.
"The filing of the Form 10 is another important step forward in the evolution of our company and in the establishment of two independent global leaders in Fox Group and the new News Corporation," said Rupert Murdoch, Chairman and CEO of News Corporation.
"Today we are pleased to provide further details on the new News Corporation - a global diversified media and information services company uniquely positioned to take advantage of exciting growth opportunities and new business models."
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