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Article: NEWS CORP SET TO FACE BIG LOSSES ON ITALIAN PAY TV ARM.
- Article from:
- AsiaPulse News
- Article date:
- May 20, 2002
CopyrightCOPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, May 20 Asia Pulse - News Corp (ASX:NCP) could face losses of up to $US350 million ($A640 million) on its Italian pay TV joint venture Stream, according to analysts.
The media giant last week moved to clear its books with a $A8.2 billion abnormal charge, mainly relating to a writedown of its investment in the Gemstar TV guide.
News Corp shares surged earlier last week after it reported strong performances from its core businesses but analysts said Stream remained a problem for the company.
Vivendi last year agreed to buy Stream from News Corp but the cash-strapped French group this week pulled out of the deal.
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