News Corp posts $1.5b third quarter loss

News Corp has posted a massive $US1 billion ($A1.5 billion) loss in the March quarter after taking a $US1.1 billion ($A1.7 billion) impairment charge against its Foxtel and News America Marketing assets.

The media giant reported total revenue of $US2.27 billion, an 8 per cent decline from a year ago due to lower print-related advertising revenues and foreign currency fluctuations.

The Rupert Murdoch-controlled company said the COVID-19 pandemic will have an impact on its results in the June quarter and all of its businesses will embark on cost-cutting programs.

Chief Executive Robert Thomson said senior executives will take a pay cut with Murdoch voluntarily forgoing his entire cash bonus for the current fiscal year, and Thomson himself to forgo 75 per cent of his annual cash bonus.  

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