Earnings fell to £58.5m, or 6 cents a share, from £102m or 14 cents a share last time. Analysts had been looking for 11 cents a share.
News Corp blamed the results on lost advertising revenue at its TV networks and its newspapers due to the downturn. It also cited its provision of blanket coverage of the events of September 11 on its Fox Broadcasting network.
The results immediately follows last month's loss of the US satellite television company DirecTV, which looks set to fall into the hands of the number-two satellite player EchoStar. There is still a chance that News Corp might get DirecTV if EchoStar's bid is blocked by US competition authorities.
News Corp's newspaper division, which includes the New York Post, reported a 24% drop in operating profit to £50.6m. This fall was exacerbated by the company's UK division News International, home to The Sun, The Times and the News of the World, which saw a 13% fall in ad revenues.
News Corp's TV division posted operating income of £35.5m, down from £68m last time, reflecting declines at Fox Television.
Even the news that blockbuster movie Planet of the Apes has grossed £245m in worldwide box office sales to date, failed to offset losses in newspaper and TV. The filmed-entertainment arm saw operating income rise 24% to £83m.
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