News Corp.'s Australian operation, News Ltd, posted a $476.7 million loss for the financial year ending June 30, after slashing the value of its newspaper mastheads after a double-digit decline in revenues.The company reported that revenue fell 11 per cent to $2.6 billion, while operating income fell 23.5 per cent to $493.6 million as ''advertising revenues declined during the fiscal year, driven by negative consumer sentiment''.

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