News Corp reveals NOTW damage

News Corporation has reported a 7% increase in revenue for Q1 to nearly $8 billion. The Rupert Murdoch-owned company also posted a decline in net income as it weathered charges related to its UK businesses, including the restructuring of its newspaper division (and the closure of News of the World) and its abandoned bid to take full ownership of the BSkyB.

Total revenues at the company were $7.96 billion for the quarter, which News Corporation said was driven by strong growth in the company’s cable and TV business – bringing in a mixture of subscription as well as advertising reveue – as well as its film division.

Net income was down by nearly 5% to $738 million, with the most notable charges coming from News Corporation’s European business – pre-tax charges at Sky Deutschland were $130 million; the company had to pay a fee because of the withdrawal of its bid for BSkyB in the UK; and it also took a restructuring charge related to News International, specifically around the closure of the News of the World following the phone-hacking scandal.

Read the full paidContent:UK article here.