Twenty-First Century Fox 2013 Annual Report Download - page 110

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
fixed assets of $46 million. The impairment charges also include $42 million reflecting the potential sale of
assets at values below their carrying values.
During the fourth quarter of fiscal 2012, News Corp recorded non-cash impairment charges of
approximately $2.6 billion ($2.2 billion, net of tax) related to discontinued operations. The charges consisted of a
write-down of News Corp’s goodwill of approximately $1.3 billion and a write-down of the indefinite-lived
intangible assets (primarily newspaper mastheads and distribution networks) of approximately $1.3 billion.
Other Discontinued Operations
In June 2011, the Company transferred the equity and related assets of Myspace to a digital media company
in exchange for an equity interest in the acquirer. As a result of this transaction, the Company’s interest in the
acquirer, which is not material, was recorded at fair value and is now accounted for under the cost method of
accounting. The loss on this transaction was approximately $254 million and was included in Income (loss) from
discontinued operations, net of tax in the consolidated statements of operations for the fiscal year ended June 30,
2011. The assets, liabilities and cash flow attributable to the Myspace operations were not material to the
Company in any of the periods presented and, accordingly, have not been presented separately. Revenues and
losses attributable to Myspace for the fiscal year ended June 30, 2011 were $108 million and $228 million,
respectively.
NOTE 5. RESTRUCTURING PROGRAMS
Fiscal 2013
In fiscal 2013, the Company recorded restructuring charges from continuing operations of $13 million
primarily reflecting a charge for accretion on facility termination obligations.
Fiscal 2012
In fiscal 2012, the Company recorded restructuring charges from continuing operations of $41 million
reflecting $29 million in one-time termination benefits and a $12 million charge for accretion on facility
termination obligations.
Fiscal 2011
In fiscal 2011, the Company recorded restructuring charges from continuing operations of $120 million, of
which $115 million related to the Company’s digital media properties resulting from an organizational
restructuring to align resources more closely with business properties and consisted of facility related costs of
$95 million, termination benefits of $18 million and other associated costs of $2 million.
102