News Corp takes $8.4 billion charge, blames economy
News Corp announced earnings today, and not surprisingly the news from the company wasn’t great. From TV Week.com:
News Corp said its television segment, which includes Fox Broadcast Co., the Fox TV stations and MyNetwork TV posted operating income of $18 million, down from $245 million a year ago. The company said results at Fox Broadcasting dropped because of higher programming costs for returning series and higher sports costs. Operating income at the local stations declined 44%.
Fox News however was a bright spot. Its operating income rose 32%