News Corp: Result 2012

One-off red ink grabbed the headlines, but underlying results continue to impress.

Unsurprisingly, it was the US$3.0bn in pre-tax write-downs to News Corp’s Publishing division that caught all the attention on CNN and elsewhere yesterday. While the amount was large, it should have been no great surprise given the obvious structural problems in the newspaper business in general, the phone tapping scandal in particular and the coming separation of News Corp's publishing operation from its media and entertainment assets—a major cleaning of the books often precedes a spinoff.

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