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News Corp. cut profit forecasts for its fiscal year ending June 30. Operating income fell to $111 million in its third quarter, ended March 31, from $300 million a year ago, reflecting feature film losses and a weaker U.S. ad market. News Corp. forecast operating income of between $1.65 billion and $1.7 billion for the year, $100 million to $150 million lower than previous estimates. News Corp. last week also was said to be shopping Fox Family Worldwide, the children's cable TV channels it jointly owns with Saban Entertainment. In trading Friday, News Corp. closed at $38.18, off 2.90% for the week.
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