Friday, February 06, 2009

I'll Take My Schadenfreude with Chocolate Sauce, Please

This just made me smile (which is a great accomplishment, considering the hordes of influenza viruses storming through my system like the hosts of Timur the Lame):

Murdoch's NewsCorp Posts $6.4 Billion Loss

That's for last quarter, and while it was expected it's probably still a hard pill for Australian-born Murdoch to swallow. Of course, to look at this withered old poofter's maw you'd think he could swallow the Chrysler Building with room left over.


Blogger EOCostello said...

You may want to hold off on the chocolate sauce, at least. Read the article carefully:

"Excluding the write-down, which amounted to $6.7 billion after taxes, the company said net income in the three months to Dec. 31 was $320 million, or 12 cents per share."

The loss was not a cash loss, but represented a write-down of assets. Still not a good thing, by any stretch (as reflected in the low stock price), but News Corp. continues to show a profit from continuing operations. As does the New York Times, for that matter, though the Times is probably under more stress, being a smaller, less diversified firm than News Corp.

5:22 PM EST  

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