News Corp. on Thursday announced it had swung to a loss of $6.42 billion in the final three months of 2008, as the media conglomerate was forced to take an $8.4 billion write-down on its TV and newspaper assets.
Speaking to analysts during News Corp.’s FY Q2 earnings call, chairman and CEO Rupert Murdoch said the results “are a direct reflection of a recession that’s deeper than any one could have predicted,” adding that the global economic climate is the worst he’s seen since the company was formed 50 years ago.
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