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News Corp shares drop 5.8 percent on profit fall

NEW YORK
Wed Nov 5, 2008 5:04pm EST

NEW YORK (Reuters) - Shares of Rupert Murdoch's News Corp NWSa.N fell 5.8 percent to $9.22 on Wednesday after the media conglomerate posted a 30 percent drop in first-quarter net income.

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Shares of the company, which publishes The Wall Street Journal, have lost about half their value in the past year along with other big U.S. media companies which have been hit hard by the decline in advertising revenue.

(Reporting by Deepa Seetharaman; Editing by James Dalgleish)
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