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News Corp says publishing wing lost money

Rupert Murdoch's News Corp said the publishing arm it plans to spin off from its entertainment assets would have lost $2.08 billion in the last fiscal year if it were a standalone company."New News Corp", as the company dubs its publishing wing, will include newspapers, information marketing services, digital real estate, book publishing, digital education, and sports programming and pay-TV distribution in Australia, the company said on Friday.The loss included an impairment charge of around $2.6 billion, News Corp said in a filing, but it added that revenue fell 5 percent, hit by the 2011 closure of the News of the World paper after the UK phone hacking scandal, and lower revenues at its Australian papers. ( unit would have reported a net loss of $92 million in the three months to September 30, it said. It would have been profitable in fiscal 2011 to the tune of $678 million.The publishing division includes the HarperCollins book publisher, its education...

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