News Corp. cuts outlook, shares fall

That would help the larger surviving entity made up of the movie studio and TV assets show faster profit growth. That entity will be rebranded Fox Group, while the newspaper and publishing company will keep the name News Corp.

Carey addressed multiple reports recently that News Corp. is preparing to launch a national sports network in the U.S. to compete with The Walt Disney Co.’s ESPN. Carey called it “the world’s worst kept secret” and said the company had amassed a broad array of sports rights that include NASCAR auto racing, as well as baseball, college football and basketball, soccer and mixed martial arts, but he didn’t provide launch details.

“If we were launching something next month, we’d have to announce it. We’re not and so we’ll continue to build up pent-up demand,” he said.

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Business Writer Barbara Ortutay in New York contributed to this report.

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