News Corporation’s CEO Rupert Murdoch has reaffirmed his confidence in plans to spin off the print business, after overall revenues increased 5% in the third quarter of the financial year.
However, Australian newspaper advertising revenues were “lower”, whilst the acquisition of Consolidated Media, giving the company 100% ownership of Fox Sports in Australia, contributed to the improved profits.
Overall the company made $9.43bn, with profits of US$1.58bn compared to US$1.5bn a year ago, mainly driven by the US cable TV division, which will form the backbone of the new News Corp.
Murdoch said in a statement the results reflect “strong momentum” and highlighted improvements in the publishing sector, driven principally by an uptick in the UK market, and launch of the Sunday Sun there.
He added: “The strategies we executed against in the quarter continue to bolster News Corporation’s competitive position and enhance our ability to benefit from global demand for content, especially sports programming.
“As we make progress towards the proposed separating of our entertainment and publishing businesses later this year, I am confident in the future prospects for both.”
A further US$56m in costs related to the News of the World phone hacking investigation were also reported in the accounts, compared to US$87m in the last corresponding quarter.
Costs related to the planned separation of the publishing and entertainment business came to $23m for the quarter.
Please login with linkedin to comment
The brainchild of co-founders Gina Williams-Folau (main photo) and Greer Bland, the talent agency Liquorice was born out of a desire to make things easier for brand managers. Liquorice offers social talent for brands wanting to hit the sweet spot with Kiwi audiences. Launching with a roster of big names on board including Millie Elder-Holmes, Athena […]
9000 Western Australians experiencing homelessness are about to face cold winter nights. To call for donations to the 2021 Winter Appeal, Anglicare WA has released a chilling video with renowned actor Liam Graham, best known for his starring roles in Greenfield and The Heights, experiencing mild hypothermia after spending one hour in a commercial freezer. […]
Blackmagic Design has shared how its products were used to shoot the latest commercial campaign for Chris Hemsworth’s fitness training app, Centr. The new campaign, which promotes the progressive 10 week workout plan ‘Power’ replicates the same protocols used to prepare the actor for his latest appearance in the upcoming Marvel franchise film, Thor: Love […]
Airtasker has chosen leading independent digital growth consultancy, Webprofits as a strategic partner to help them expand to new markets. Following a successful IPO in early 2021, Airtasker set its sights on the next strategic objective — expansion and growth in the UK market. After careful review, they partnered with the growth marketing specialists at […]
Cresta Awards has announced that despite having a few more weeks before entries close, this year’s Cresta Awards has surpassed its entries for the whole 2019 Season. Cresta sees this as evidence, not just of evolution in its own awards but of a wider measure of industry confidence and resilience in many markets. The awards […]