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Tue, 16 September 2014 09:53:10
News Corp flags lower newspaper revenue
09 Feb, 2012 06:57:07
SYDNEY, Feb 9 (AsiaPulse) - Tough economic conditions will contribute to at least $US350 million ($A325.52 million) in falling revenue in News Corp's publishing business, which includes Australian newspapers.
News Corp's chief operating officer Chase Carey on Thursday flagged another tough year for the company's publishing segment, with significant year-on-year decline in its UK and Australian newspapers, and integrated marketing business.

"We expect fiscal 2012 full-year results for each of these businesses to be down around $US100 million ($A93.01 million) with the UK to be down $US150 million-plus ($A139.51 million) for the full year," he told reporters.

"In the UK, the impact of the closure of the News of the World has been exacerbated by a very tough economy.

"As we've said, we're committed to making things right in the UK.

"In Australia, the economy has severely impacted the business.

"A new management team is focused on restructuring this business and address the challenge which we will tackle from a position of strength."

Mr Carey said the company could not forecast the eventual total cost of the investigation into the phone-hacking scandal, which led to the closure of the mass-selling News of the World tabloid in the UK in 2011.

He said the cost would be higher than the company had previously forecast.

Earlier on Thursday, News Corp unveiled its second quarter earnings and said the cost of the investigations and closure of the tabloid had cost $US87 million ($A80.92 million) in the three months to December 31. AAP ry
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