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News Corporation’s (ASX:NWS) Australian arm News Limited has widened its net loss by 58 per cent for the year, to more than $476 million according to accounts filed with Australian Securities & Investments Commission.
Operating income also pulled back by more than a fifth. The media company says a decline in advertising revenue and negative consumer sentiment as major factors impacting its results.
The recent acquisition of Consolidated Media Holdings for $2 billion will see it lift its stake in Foxtel to 50 per cent.
The company confirmed it paid $29.8 million in acquiring Australian Independent Business Media who publishes The Eureka Report and the Business Spectator websites.
News Limited’s parent company News Corporation more than tripled its 2013 first quarter profit.
News Corp reported a net profit of $1.4 billion in the 2012 financial year.
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