Rupert Murdoch’s media empire New Corp reported a net loss of $149 million for the three months to March, after being hit by a $280 million legal charge in the US.

The group also saw revenue fall 7 percent and revenue from its Harper Collins publishing arm fall 11 percent, citing “currency headwinds” as a reason for the fall.

News Corp’s Chief Executive Robert Thomson called the company’s third quarter performance “disappointing”, adding that the company was:

“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.”

Shares remain largely unaffected in pre-trade, up 0.16 percent at 12.17 (0804GMT).

06/05/2016