Rupert Murdoch's News Corporation today reported widening full year losses of $6.26bn (2001: $445m) after the company was forced to write down the value of its stakes in ailing interactive TV company Gemstar, insolvent KirchMedia and Italian pay-TV broadcaster Stream.
Despite posting a 10% increase in annual revenues to $15.2bn, Murdoch said he was disappointed with the write downs which contributed to annual exceptional charges of nearly $7bn.
Despite the overall loss, Murdoch said he was buoyed by the performance of Fox, the company's film and TV business. Fox Filmed Entertainment in particular, performed well above expectations, recording annual operating profits of $473m, over double last year's $208m.
The increase was primarily due to the success of Ice Age, the company said, but was also boosted by strong performances from Moulin Rouge, Planet Of The Apes and Moulin Rouge.