News Corp. Phone Hacking Costs Reach $379 Million

04/06/2012 02:16 pm ET | Updated Jun 06, 2012

The costs of News Corp.'s phone hacking scandal have reached over a quarter of a billion dollars and counting.

The Independent reports that Rupert Murdoch's media empire faces a £239 million (approximately $379,364,700) loss for the long-running scandal that has plagued the company.

The legal costs associated with phone hacking have totaled approximately $37.7 million thus far, while $88.2 million went to restructuring after the News of the World was shut down in July. News Group, the subsidiary that owned the tabloid, also took a $254 million write-off when the paper closed.

The final bill will be higher, as his company continues to face and settle lawsuits over phone hacking. Some Wall Street analysts estimate that the total cost could reach $1 billion, according to the Independent.

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