On Tuesday we linked to a Reuters article stating that News Corp received $4.8 billion in tax refunds from the US government. The reporting was incorrect.
Please be advised that the David Cay Johnston column published on Tuesday stating that Rupert Murdoch’s U.S.-based News Corp made money on income taxes is wrong and has been withdrawn. News Corp’s filings show the company changed reporting conventions in its 2007 annual report when it reversed the way it showed positive and negative numbers. A new column correcting and explaining the error in more detail will be issued shortly.
As the big boys and girls say, we regret the error.