News Corp reported writedown of $8.4 billion on Dow Jones and other assets. The impairment charge mainly consisted of a $4.6 billion writedown of the value of its broadcast licenses and a $3.6 billion writedown of goodwill in its newspaper and information services group.
News Corp purchased Dow Jones, the publisher of the Wall Street Journal, in 2007 for an estimated $5.6 billion. It did not say how much of the writedown related to that acquisition.
News Corp's market cap is about $18 billion.
Chairman Rupert Murdoch: "While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought."