So Much for Getting Acquired by News Corp.

A year ago, News Corp. was one of a handful of names that consistently arose alongside talk of M&A. Now, getting acquired by the company seems as remote a possibility as flying unicorns — especially after today’s earnings call.

Earlier this afternoon, the media conglomerate reported a $6.4 billion net loss for the most recent quarter, after taking an $8.4 billion writedown on its newspaper, TV and information service business divisions.

Excluding the charge, News Corp. reported adjusted operating income of $818 million for its fiscal second quarter ended Dec. 31, down 42 percent from the $1.4 billion it reported a year ago.

CEO Rupert Murdoch called the results “a direct reflection of the grim economic climate,” adding that “while we anticipated a weakening, the downturn is more severe and likely lasting longer than previously thought.”

Related Posts

Leave a Reply

PEHUB Community

Join the 12503 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget