News Corp. reported a $1.6 billion loss in its fourth quarter earnings report this morning. The reason for the loss is that the phone hacking scandal and the overall decline of print forced the media behemoth to write down the value of its publishing side by $2.8 billion.
According to paidContent, News Corp.’s president and COO, Chase Carey, noted that the publishing ventures are in a transition mode as they’re prepared for the split from the company’s entertainment businesses.
“Publishing will continue to be mixed,” Carey admitted to Bloomberg News. “We certainly have initiatives to improve on execution, and we have an ongoing focus on being as efficient as we can be. There will be revenue growth.”