Money | News Corp News Corp Posts $1.6B Loss UK scandal hits Murdoch firm's bottom line By Rob Quinn Posted Aug 9, 2012 1:24 AM CDT Updated Aug 9, 2012 1:52 AM CDT Copied Despite the loss, News Corp "is in a strong operational, strategic and financial position," Murdoch said in a statement. (AP Photo/Kirsty Wigglesworth) Divorce doesn't come cheap: Rupert Murdoch's News Corp has posted a hefty quarterly loss of $1.6 billion, mainly because of its plans to split its profitable entertainment businesses from its ailing publishing arm. The company cut $2.8 billion from the value of its publishing businesses, with Australian newspapers responsible for the lion's share of the write-down, reports the Independent. But scandal has also hit the firm's balance sheet. The company says legal costs related to the British phone-hacking scandal have now topped $200 million, and loss of income from the axed News of the World is still affecting its financial results. Read These Next New Fox star, 23, misses first day after car troubles. Iran's supreme leader makes first public comments since ceasefire. Man accused of killing his daughters might be dead. Her blood isn't compatible with anyone else's. Report an error