Business news briefs
unit lost $2B
Rupert Murdoch's News Corp. said Friday that the news and publishing unit it plans to spin off next year posted a $2 billion net loss in the fiscal year through June, mainly because of one-time charges and restructuring costs in its newspaper division. Investors' suspicions were confirmed that the spun-off company to be known as News Corp. will be smaller and less profitable than the TV and movie business that will form Fox Group Inc.
GE to purchase
Industrial conglomerate General Electric says it will buy the aviation business of Italian manufacturer Avio for $4.3 billion to strengthen its growth in jet propulsion. The company says the deal will help build its global supply chain, as engine production rates rise.
1Q profit sinks
Walgreen's fiscal first-quarter earnings sank nearly 26 percent as costs tied to a couple big deals and Superstorm Sandy helped put a bigger-than-expected dent in the drugstore chain's performance. Walgreen earned $413 million, or 43 cents per share.
Pinnacle to buy
Ameristar for $869M
In a deal that would more than double its size, Pinnacle Entertainment said it will buy rival Ameristar Casinos for $869 million, plus take on $1.9 billion of its debt. Pinnacle owns seven U.S. casinos and a racetrack, and is developing another gaming property. Ameristar has eight casinos in the United States.
Nokia Corp. and Canadian smartphone rival Research In Motion have agreed on a new patent licensing pact that will end all existing litigation between the two struggling companies, the Finnish firm said Friday. The agreement includes a "one-time payment and on-going payments, all from RIM to Nokia," Nokia said.
An Italian appeals court on Friday overturned the convictions of three Google executives found criminally responsible for a video on a Google site that showed a disabled teen being bullied. The original verdict raised alarms that Web-based platforms could be forced to police their content in Italy and perhaps beyond, while putting European privacy concerns at odds with the freewheeling nature of the Internet.
Steve Jobs' yacht
seized in Amsterdam
A yacht built for the late Apple Inc. founder Steve Jobs was seized in the port of Amsterdam on behalf of the designer Philippe Starck over a 3 million euro bill ($3.96 million). The claim on the ship, called Venus, is based on an agreement that Starck would receive 6 percent of the vessel's construction costs.