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News Corp.: Phone Hacking Probe Cost $137 Million in 2014

Jaclyn Jaeger | May 12, 2014

News Corp. continues to be slammed by legal and professional fees, and costs for civil settlements, related to its phone hacking scandal uncovered in 2011 at its News of the World tabloid in the U.K.

In its latest quarterly earnings report through March 31, 2014, the company said it has incurred legal and professional fees related to the “U.K. newspaper matters and costs for civil settlements” totaling $137 million for the nine months ended March 31, 2014. This amount is in addition to the $144 million the company incurred for the nine months ended March 31, 2013.

News Corp. also faces several civil claims related to the phone-hacking scandal. In many of these cases, the company said it has admitted liability "related to the voicemail interception allegations and has settled many cases.”

As of March 31, 2014, News Corp. said its “best estimate” of the liability for the claims that have been filed and costs incurred is approximately $112 million. The company added, however, that it is "not able to predict the ultimate outcome or cost of the civil claims or criminal matters.”