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.”