News Corporation has reported a loss of $6.4 billion (£4.37 billion) for the last quarter of 2008.
News Corp’s ‘Other’ category reported an adjusted operating loss of $38 million (£25.9 million), down from $61 million (£41.6 million) a year ago.
The media conglomerate also posted operating income of $818 million (£557.9 million), down 42% compared to a year ago.
Revenues were $7.87 billion (£5.37 billion) for the fourth quarter, a drop of 8.4% on the same quarter the previous year.
The media giant took a $8.4 billion (£5.73 billion) writedown for its TV channels and Dow Jones, which it acquired in 2007.
Rupert Murdoch, chairman and chief executive officer, said: “Our results for the quarter are a direct reflection of the grim economic climate. While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought.
“As a result, we have been taking actions to preserve a solid level of operational profitability and a strong balance sheet without sacrificing future growth. We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate. We believe our businesses are well positioned to withstand a lengthy downturn and to emerge stronger as the current economic situation improves.”
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