News Corporation has announced a loss of $US1.6 billion ($1.5b) in the fourth quarter after writing down its publishing businesses, including in Australia.
The earning results come after News Corp chief Rupert Murdoch confirmed plans to split the company into separate publishing and entertainment businesses.
Mr Murdoch will be chairman of both companies and will be chief executive of the entertainment business.
says News Corp has flagged "difficult times" in publishing in the past, but the latest loss has been driven by $3 billion in write-downs.
Mr Devoe says the loss largely reflects lower advertising revenue at the Australian and UK newspapers as well as the impact from the closure of News of the World.
The move to split into separate publishing and entertainment arms was approved by the News Corp board in New York.