‘New News Corp’ loses $2.08bn

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NEWS Corporation said the publishing arm it plans to spin off from its entertainment assets would have lost $2.08 billion (£1.3bn) in the last fiscal year if it were a standalone company.

The company, chaired by Rupert Murdoch, yesterday filed documents to separate its assets into two publicly traded companies. It first announced the decision in June after shareholders pressed it to dispose of its troubled newspaper business.

“New News Corp,” as the company dubs its publishing wing, will include newspapers, information marketing services, digital real estate, book publishing, digital education, and sports programming and pay-TV distribution in Australia.

The film and television businesses include the 20th Century Fox film studio, Fox broadcasting network and Fox News channel.