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NEWS CORP SLASHES INCOME GROWTH OUTLOOK FOLLOWING H1 SLUMP.
AsiaPulse News, February, 2002
SYDNEY, Feb 13 Asia Pulse - Media giant News Corp Ltd slashed its income growth outlook today after slumping to a first-half net loss of $A1.04 billion ($US530.71 million).
The company was hit by writedowns on pay TV holdings in Germany and Italy and "overpriced" contracts for US sports.
Chairman and chief executive Rupert Murdoch also blamed a "rotten" advertising market, which he described as "the worst since WWII", for the abnormal-marred loss.
Even after the sale of News Corp's 49.5 per cent stake in Fox Family, for what analysts estimate was around A$2.0 billion (US$1.02 billion), the net loss was more than double the A$475 million (US$242.39 million) loss of the previous first half.
News Corp also conceded that its October estimate...
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