Exhibit 12.1
News Corporation
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
For the six months ended December 31, | ||||||||
2009 | 2008 | |||||||
Earnings: | ||||||||
Income before income (loss) tax expense | $ | 1,263 | $ | (7,188 | ) | |||
Add: | ||||||||
Equity (earnings) losses from affiliates | (90 | ) | 329 | |||||
Dividends received from affiliates | 152 | 140 | ||||||
Fixed charges, excluding capitalized interest | 629 | 558 | ||||||
Amortization of capitalized interest | 36 | 18 | ||||||
Total earnings available for fixed charges | $ | 1,990 | $ | (6,143 | ) | |||
Fixed charges: | ||||||||
Interest on debt and finance lease charges | $ | 514 | $ | 452 | ||||
Capitalized interest | 23 | 32 | ||||||
Interest element on rental expense | 115 | 106 | ||||||
Total fixed charges | $ | 652 | $ | 590 | ||||
Ratio of earnings to fixed charges | 3.1 | * | * | |||||
** | Earnings do not cover fixed charges by $6.7 billion during the six months ended December 31, 2008 due to a non-cash impairment charge of $8.4 billion ($6.7 billion net of tax). (See Note 8 to the accompanying unaudited consolidated financial statements for further discussion) |