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News Corp (ASX:NWS) reports $1.1B impairment: ASX200 up 0.7%

08 May 2020 – The Australian share market opened higher and is now tracking 0.7 per cent higher at noon. The Real Estate Invest Trust sector is leading the charge. All of the sectors, except for Health Care are on the rise this morning. Media giant, News Corporation (ASX:NWS) has reported a net loss of around $1 billion for the third quarter, a far cry from the $23 million income we saw in the third quarter of 2019. The loss is largely caused by the $1.1 billion impairment charges related to a write-down of goodwill and intangible assets at Foxtel and the reclassification of News America Marketing to assets held for sale. Shares in News Corp (ASX:NWS) are trading just over 3 per cent higher at $16.01 at noon.

Source: Finance News Network

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