Hacking Cost News Corp. $224M

    SAN FRANCISCO, CA - OCTOBER 14:  News Corp. CEO Rupert Murdoch delivers a keynote address at the National Summit on Education Reform on October 14, 2011 in San Francisco, California.  Rupert Murdoch was the keynote speaker at the two-day National Summit on Education Reform.  (Photo by Justin Sullivan/Getty Images)

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    News Corp. revealed a net loss of close to $1.6 billion on Wednesday after months of losses due to the company’s phone-hacking scandals. During the fiscal year ending June 30, the corporation spent $224 million due to investigations into the hacking, including $57 million in the fourth quarter alone. The media conglomerate also said that its decision to split its publishing and entertainment divisions is "on course." Chief Operating Officer Chase Carey said that the company was "targeting to make its initial regulatory filings around the end of the calendar year."

    Read it at Capital New York