News Corp posts $1.6 billion Q4 loss

  • Rupert Murdoch's News Corp has reported a fourth quarter loss of $1.6 billion.

    The net loss compares with a net income of $683 million in the same period last year and included a $2.9 billion pre-tax restructuring charge.

    News Corp plans to split into two, separating its lucrative film and TV business from its UK newspapers, which have been embroiled in a phone-hacking scandal.

    The forthcoming split will see its film and television businesses, including 20th Century Fox and the Fox broadcasting network, grouped in one company.

    The other company will hold its publishing interests, including the Wall Street Journal, the Times, the Sun, the Australian, the New York Post and publisher HarperCollins.