News Corp. reported that 1988 earnings fell...

News Corp. reported that 1988 earnings fell 37.3% to $341 million. Annual revenue for the international media and entertainment conglomerate totaled $4.35 billion, up 24%. For the fourth quarter, the Sydney, Australia-based operation owned by Rupert Murdoch earned $128.1 million, down 67.5% from the year-ago period. Revenue totaled $1.2 billion, a gain of 22.3%. The results were attributed to Fox Broadcasting Co. start-up costs and a big decline in asset sales.

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