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News Corp. posts $265 million loss

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New York--News Corp. reported a loss of $265 million for its fiscal fourth quarter as a result of writedowns for failed investments, including Australian telecom provider One.Tel, the company said. For the quarter ended June 30, News Corp. posted operating profits of $145 million, or 12 cents a share, compared with $184 million, or 18 cents a share, for the same period a year earlier. Revenues for the quarter were $3.4 billion, down from $3.9 billion for the fourth quarter of last year. The company blamed the weak ad market for the revenue decline.
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