The company is likely to post earnings before interest and tax of $486.2m (£341.8m), down from last year's second-quarter earnings of $562m. It is thought that the company could include the $1bn generated from the sale of Fox Family Worldwide to Disney, to offset other write-offs, such as acquiring NFL sports rights in the US.
Analysts have made the prediction based on the decline in the advertising market and the fall in US television ratings. Some are predicting that News Corp, run by chairman Rupert Murdoch, will struggle to meet current growth forecasts. These were cut last October to high-single or low-double digits.
Last week, BSkyB, which is 37% owned by News Corporation, wrote off £985m relating to its stake in Germany pay-TV company Kirch.
Elsewhere in Sydney, John Fairfax Holdings, the publisher of the Sydney Morning Herald, was expected to post a significant decline in earnings.
Analysts are tipping that earnings will have fallen by 41% for the first half of the year, when Fairfax reports on Thursday. It is expected to post a net profit of A$45.5m (£16.4m), down from A$77.4m for the same period last year.
Fairfax has long been mooted as a potential takeover target should the Australian government relax the country's laws on foreign ownership of media. The government is currently reviewing these laws.
Shares in News Corp and Fairfax were up when the Australian market closed today, buoyed by a firmer market overall. News Corp saw a 3.1% increase, closing at A$13.55, while Fairfax was up by 0.5% to A$3.90.
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