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SCANDAL CONTINUES TO EAT INTO NEWS CORP’S PROFITS

December 18, 2013 by · Leave a Comment 

The telephone hacking scandal that brought down Rupert Murdoch’s London tabloid News of the World continues to weigh on News Corp’s bottom line. While the company launched a Sunday edition of its popular Sun newspaper in hopes of attracting the readers of the discarded “red top” — the British term for scandal sheets — it has had only very limited success, according to a recent filing reported today (Wednesday) by the London Financial Times. Operating profits for Murdoch’s London newspapers, the FT said, are down more than 40 percent from 2011, the last full financial year that included News of the World. Overall revenue was down more than 20 percent.