Media giant NewsCorp yesterday posted a $268 million Q1 loss, following new accounting rules and a poor performance by its Fox-TV network.

NewsCorp’s movie studio, cable networks and HarperCollins publishing arm all saw a rise in profits, but TV, newspapers and magazines earnings fell. The group’s revenue rose year-on-year from $3.16 billion to $3.24bn.

The overall loss, a fall from last year’s $165m profit, has been attributed to changes in accounting practice in the movie business. The media group claimed that the shift to the new rules had cost $410m.

The Fox-TV arm also made a loss, which NewsCorp president Peter Chernin attributed to “the great success of Survivor” on CBS and the Olympics on NBC.

The Fox movie studio, however, was buoyed by the success of the X-Men movie, which better than doubled profits from $46m to $101m.

News source: Wall Street Journal