Tag Archives: Newscorp

Did God Speak to the Church of England?

When you have a personal relationship with The Omniscient are you ever tempted to ask for an inside stock tip?

From The Guardian UK–

News Corporation made a loss of $1.6bn (£1.2bn) in the last quarter as it absorbed $2.8bn in charges related to a plan to spin off its ailing publishing businesses.

The loss compared with a profit of $683m in the same period a year ago and came as revenues dipped 6.7% to $8.4bn, hit by a slide in audiences for TV shows including American Idol and disappointment at the box office for its Hollywood studio. The results were below analysts’ expectations and the company’s shares fell in after-hours trading.

The fourth-quarter loss was linked “most significantly” to poor performances at News Corp’s Australian publishing assets, the company said.

News Corp announced plans last month to split off its publishing assets including the Wall Street Journal, the Times and the Sun in the UK, and its Australian newspapers from the more lucrative film and television assets including Fox Broadcasting, the Twentieth Century Fox studios and its stake in BSkyB.

The move comes in the wake of the phone-hacking scandal that has led to a sprawling criminal investigation in Britain and has triggered an investigation in the US under the Foreign Corrupt Practices Act.

And this right after the Church sold all its stock in Newscorp. Coincidence? I think not.

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