Media giant News Limited has won a $2 billion court battle with Australia's tax authorities.
A decision handed down this morning found that the Australian Taxation Office had been excessive in its assessments of Rupert Murdoch's firm, The Age
The win means News can claim $2 billion in tax deductions for foreign exchange losses.
The losses amounted to $629.6 million in 2001 and $1.42 billion in 2002.
The ATO will also foot the bill for News's legal costs.
Thirty companies associated with News such as Harper Collins Publishers and National Rugby League Investments were part of the action.