News Corp posts loss on restructuring charge

Rupert Murdoch's News Corp (NWSA-Q) posted a quarterly loss on Wednesday after taking $2.85 billion US of restructuring and impairment charges that overshadowed growth at its cable networks.

It posted a fiscal fourth-quarter net loss of $1.55 billion, or 64 cents per share, compared with a profit of $683 million, or 26 cents per share, a year ago.

Adjusted quarterly profit was 32 cents, down from 35 cents a year ago.

Revenue fell 6.7 percent to $8.4 billion during the quarter.

News Corp owns Fox Broadcasting in the United States, the FX and Fox News cable networks, and such newspapers as The Wall Street Journal and The Sun in the UK. It is also parent of the Twentieth Century Fox studios.