HarperCollins Has Large Drop in Revenue; Parent NewsCorp Posts Billon Dollar Loss
Yesterday NewsCorp, Rupert Murdoch's media empire, posted a $6.4 Billion loss . NewsCorp indicated that it would be instituting across the board staff cuts. HarperCollins had its second consecutive losing quarter with fiscal year earnings down 75%. Given the disappointing results at HarperCollins and the overall decline in fortune at NewsCorp, Harper's parent company, I think it's safe to say that there will be layoffs at HarperCollins but layoffs alone can't account for a 75% drop in fiscal year earnings on a 16% decline in revenue.