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Huge losses driven partly by fall in valuation of Australian pay TV service Foxtel and decline in news advertising revenue
Rupert Murdoch’s global media empire, News Corp, lost US$1bn in the three months to the end of March and is expecting more financial pain as the economic fallout from the coronavirus crisis continues.
The chief executive, Robert Thomson, said there was a fresh wave of cost-cutting ahead for the group, including a “strategic review of our Australian newspaper holdings” that could signal further job losses at the company’s smaller mastheads. Continue reading...