News Corporation says its publishing wing incurred a $ 2.1bn (£1.3bn) loss in the last financial year.
Revenues fell 5%, partly as a result of the closure of the News of the World, which it stopped publishing after the phone-hacking scandal broke in the UK.
The company detailed the losses as it formally applied to US regulators the Securities and Exchange Commission to split its business into two.
News Corp plans to separate publishing from its film and TV business.
The publishing arm, which News Corp said had made a profit of $ 678m the year before, will be called New News Corp, and will include Harper Collins, and the Times and the Sun newspapers in the UK.
The more lucrative TV and film business will be the parent company and will be called Fox Group.
It will include the US news channel Fox News and the 20th Century Fox film studio.
The company first announced the plan to split in June, after pressure from shareholders who were concerned about the damage done to the publishing business by the events at the News of the World.
Robert Thomson, who is currently the managing editor of the Wall Street Journal, will be head of the new publishing company.
News Corp publishing loses $2.1bn http://news.bbcimg.co.uk/media/images/64720000/jpg/_64720684_64726200.jpg
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