News Corporation has been dealing with the ramifications of its phone hacking scandal for over two years now. During that time, it has shelled out $382 million in legal fees. That’s quite a number. We hear not being shady is less expensive, but don’t quote us on that.
The bleeding won’t likely stop there, either. In its first financial statement since News Corp. split into News Corp. and 21st Century Fox, the Press Gazette reports that the company expects to pay out at least $66 million more in legal fees. With news that Senator Jay Rockefeller might launch an investigation into News Corp., $66 million might even end up being a low estimate.
We know you’re probably feeling bad for News Corp., but save your tears. Despite paying out millions in legal fees, News Corp. still reported $506 million profit, and total revenue was $8.9 billion. So we think it’ll be okay.