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November 12, 2013 AT 3:52 AM
The News Corporation , controlled by Rupert Murdoch , reported a steeper-than-expected 3 percent decline in revenue in the first quarter that it was split from Fox, its more profitable sibling entertainment business. A steep drop in Australian newspapers took its toll on the company, which publishes The Wall Street Journal and The Times of London. News Corporation said net income attributable to common shareholders was $27 million for the quarter ended Sept. 30, the first of its fiscal year.