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The cost to News Corp (NSDQ: NWS) of getting MySpace in to shape? A big chunk of $275 million in the last three months of 2010 alone. That was the Q2 total for devaluing its Digital Media Group and for the MySpace restructure and layoffs, recorded as a pre-tax accounting charge.
The group’s performance was the primary reason losses from News Corp’s “other†revenue segment jumped by $31 million to $156 million this quarter - “stemming largely from lower search and advertising revenues at MySpaceâ€. On the analysts call, the company said “results at MySpace have been below our expectationsâ€.
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Results from two other parts of the segment - the outdoor business and from Fox Mobile (before it was sold in December) - had improved. So MySpace is in the frame as the drag in the pile, which also contains IGN and is led by chief digital officer Jon Miller.
- News Corp’s Q2 group operating income grew from $712 million to $1.29 billion, with growth returning from its cable network programming and television segments in particular, while publishing swung from last year’s loss to a healthy operating income.Â
 - However, the publishing result was flattered by the bounce from the previous period’s $500 million litigation settlement - under the hood, The Daily setup costs were amongst the reasons publishing was broadly flat over the year.
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Photo: Corbis / Phil McCarten
Posted In: Money, Earnings, Companies, News Corp., Fox, Fox Interactive Media, MySpace
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