Foxtel's revenue has fallen by 2% for the last financial year to A$3 billion because of lower subscriber numbers, according to its annual report issued last week.
In US dollar terms, however, revenue was up. News Corp said it had written off the value of its investment in Foxtel by A$227 million.
Foxtel is jointly owned by News Corp and Telstra.
The Australian figure was lower because Foxtel had to close Presto, its streaming video unit, leading to a loss of A$48 million.
{loadposition sam08}In its place, Foxtel Now has been launched with series like HBO's Game of Thrones to boost its numbers.
Additionally, Foxtel had to take a writedown of A$58 million of its investment in Channel Ten which went into administration in June.
Subscription revenue fell by 1%, excluding the effect of fluctuations in foreign currency.
No mention was made in its earnings report of the A$30 million handout given to the network by the Australian government.
Overall, News Corp made a loss of US$643 million (A$818 million) for the year ending June 30, down from a profit of US$235 million for the previous year.