By Jonathan Davies

Rupert Murdoch's News Corporation, which owns The Times, The Sunday Times and The Wall Street Journal newspapers, reported a 52% fall in quarterly profits.

The global media giant posted profits of $23m (£15.2m; €20.6m) for its third quarter, ending 31 March.

Revenues fell 1% to $2.06bn as newspaper advertising sales fell 12% and subscription and circulation revenues dropped 9%.

But there was more positive news in its retail division, which saw revenues rise 67% to $170m following the acquisition of US real estate firm Move.