News Limited revenues fall 11%

Media giant News Limited has posted a $476.7m loss for the financial year.

Revenue at the publisher of The Australian, Herald Sun and Daily Telegraph fell by 11% – down from $2.9bn to $2.6bn for the financial year ending June 30, according to accounts filed with the Australian Securities & Investments Commission.

Staff numbers are also down, from 9,849 for the 2011 financial year to 9,543 this year – a drop of about 3%, Fairfax newspapers are reporting.

Falling advertising was blamed for the fall in revenue.

The company also recorded huge impairment charges, saying the charges reflected ”lower future forecast earnings for these businesses and uncertainties surrounding the timing of future digital revenue streams”.

News Limited also confirmed paying $29.8m for Australian Independent Business Media, which publishes The Eureka Report and the Business Spectator website.


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