Image: Robert Shankbone Image: Robert Shankbone

Rupert Murdoch's News Corp has reported a $149 million (£102.6m) loss for the first three months of 2016, following a $23m profit last year.

The media giant was hit by a one-off charge of $280m on the News America Marketing business, but revenues were down 7% to $1.89bn.

In a statement, News Corp said: "While we believe in the strength of our print properties, we are also investing energetically in the rapid pursuit of digital which is clearly evident in the transition at Dow Jones.

"At Dow Jones this quarter, digital accounted for more than 50% of total revenues for the first time, and digital-only subscribers at the Wall Street Journal grew to 893,000, representing nearly 45% of the base."

News Corp's online estate agency business saw revenues rise 14% to $194m, while its book publishing business HarperCollins Publishers reported an 11% rise to $358m.

Company chief executive Robert Thomson described its performance as "disappointing", but stressed it is "on track to see improvements in the fourth quarter, with the expansion of our digital real estate business, foreign currency comparisons hopefully beginning to ease, and cost saving initiatives taking firmer root."