News Corp. has discussed spinning off its publishing business in light of inquiries over hacking, bribery at its U.K. newspapers, COO says; publishing accounts for less than 20% of company's annual operating income
February 29, 2012
– News Corp. COO Chase Carey said the company has discussed spinning off its publishing business in light of inquiries over hacking and bribery at its newspapers in the U.K., Bloomberg reported Feb. 28.
Speaking from the Deutsche Bank media conference in Palm Beach, Florida, Carey said he’s had several talks with company executives about selling or separating the publishing unit.
According to Carey, publishing accounts for less than 20% of News Corp.’s annual operating income, as the company derives more than 70% of its income from its television businesses.
For the time being, however, the company is focusing on increasing its profit margins in publishing, Carey said.
The primary source of this article is Bloomberg, New York, New York, on Feb. 28, 2012.