Business

Rupert Murdoch with his sons Lachlan (left) and James.

The $10m deal Lachlan Murdoch made that is helping keep News Corp afloat

News Corp reported a $US219 million loss for the December quarter - thanks largely to $US537 million worth of writedowns on its Australian assets - but Rupert Murdoch might be wiping his brow and thanking his son Lachlan - his fellow co chairman at News Corp - for a deal 17 years ago that is helping to keep the company afloat.