News Corp. reports 22 percent drop in net income in 2nd quarter

Thursday, August 11, 2011

LOS ANGELES -- News Corp., the media conglomerate under fire for phone hacking in Britain, said Wednesday that its net income for the last quarter fell 22 percent mainly because of the sale of social networking site MySpace. It also acknowledged for the first time that it is facing investigations into whether alleged phone hacking and police bribery occurred at its subsidiaries outside of the U.K.

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