Ethics and onto impairment - News Corp in $2.8 billion write-down

News Corp has written down its newspaper businesses by $2.8bn and taken a $224m charge to cover the costs of investigations into scandals at its UK titles, as it announced full-year revenues that fell short of forecasts.

The scale of the write-down surprised investors, and shares fell 3.5 per cent in after-hours trading. Rupert Murdoch's media group plans to spin off its publishing assets from entertainment brands such as Fox, Sky and Star next year ... READ MORE

Released by the Financial Times - 8 August 2012