Rupert Murdoch's company filed with the SEC to officially split in two today, disclosing that the publishing side, referred to as "New News Corp.," lost $2.08 billion over the last fiscal year because of impairment and restructuring costs, plus a decline in advertising. Last year, the company said, "We were able to enjoy certain benefits from Parent's operating diversity and access to capital for investments, which benefits will no longer be available to us after we separate." The other side of things, including 20th Century Fox and Fox News, will have no such problems.
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