CNBC: News Corp reports a loss, fails to meet analyst targets

CNBC is reporting Rupert Murdoch's News Corp fell short of analyst forecasts and reported a quarterly net loss. Operating income was down 42 percent from a year ago. According to News Corp, the downturn is "more severe than previously thought" and the company is in the process of implementing "rigorous" cost-cutting measures in order to deal with the new economic conditions. 

News Corp owns The Wall Street Journal's parent Dow Jones & Co., the Fox television network and several newspapers througought the US. 

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