Second quarter results for Rupert Murdoch’s media empire News Corp showed a $6.4bn loss, with the film unit’s operating income falling 72%. News Corp’s total revenue slid 8% to $7.8bn.
Murdoch is not alone as Disney and Time Warner reported dismal results earlier in the week. He referred to the financial crisis as “the worst since News Corp was formed” 50 years ago. Murdoch believes that the global economic downturn is more severe and likely to last longer than previously predicted. (Source: Variety)
