newspaper and web 2.0 era

The company's publishing businesses also slumped, amid the continuing decline of the newspaper, magazine and book publishing businesses. Newspaper and information services profits were down 63 per cent, while book publishing swung to a loss of $US1m. The company's magazine and inserts business grew profits by 7.4 per cent, to $US102m.

Mr Murdoch said closing newspapers was "not a prospect at the moment" for newspapers, though he said the company could do more cost-cutting at business like The Times of London.