Media conglomerate News Corp today posted a quarterly loss due to a $4.2 billion write-down of the value in its stake in Gemstar-TV Guide International.
But News Corp revenues jumped 18 per cent on the success of box office hits Ice Ageand Moulin Rouge.
Shares of Gemstar, in which News Corp owns a 38.5 per cent stake, have lost two-thirds of their value this year amid questions over its revenue accounting methods, a $5 billion first quarter charge to write down goodwill from acquisitions, and the unexpected departure of its president.
News Corp, which is controlled by media mogul Mr Rupert Murdoch, reported a net loss of $4 billion for the third quarter ended on March 31st, compared with a profit of $111 million last year.