Published: Sun, August 12, 2018
Money | By Ralph Mccoy

News Corp worldwide reports $1.4bn net loss, but paid subscriptions rise

News Corp worldwide reports $1.4bn net loss, but paid subscriptions rise

Foxtel loomed large in the News Corp's global figures with last quarter's $1bn write down of the subscription TV operator increasing the group's net loss to $US1.4bn, an increase from $US643 million a year ago.

"I've just returned from Australia and it's fair to say with Patrick Delany you have a new team, a new mood, a new momentum", Mr Thomson said.

The Rupert Murdoch owned company said the loss was skewed by non-cash write downs, comprised of $998m related to the consolidation of Foxtel and Fox Sports Australia.

Digital revenues represented 30% of News and Information Services segment revenues in the quarter, compared to 26% a year ago.

Revenue growth reflects the inclusion of Foxtel's results, continued strong growth in the Book Publishing and Digital Real Estate Services segments and a $29 million positive impact from foreign currency fluctuations.

Furthermore, News Corp's expenses before interest, taxes, depreciation and amortisation rose 21 per cent to US$1.07 billion.

Romanians protest govt corruption for a 2nd straight day
Police said they had acted in a proportionate way, responding to the violent behaviour of hooligans in the crowd. Some people sustained head and other injuries, while others were overcome by tear gas, authorities said.

The Chloë Grace Moretz Movie She NEVER Wants You To See!
Chloe Grace Moretz is now on the big screen in the gay-conversion-therapy film The Miseducation of Cameron Post , which has been praised by critics.

Islamic State Muslim Convert Pleads Guilty to London Disney Store Massacre Plot
In 2015, pro-Isis propaganda was found on an electronic device belonging to Ludlow, but no action was taken. It also had videos in which Ludlow called himself "the Eagle", and spoke of his hatred of non-believers.

For the Australian businesses, News Corp reported revenues lifted 1% for the full year in the news and information segment. The company posted earnings of 8 cents a share, excluding some items, and revenue of $2.69 billion - both topping analysts' estimates.

News Corporation Australia - which includes The Daily Telegraph in Sydney, Melbourne's Herald Sun and The Australian - reported a 1 per cent increase in revenues on the prior year. Since then, News Corp. has relied on its digital real-estate business for growth, while trying to reduce its exposure to newspaper advertising by adding more digital subscribers.

Robert Thomson, CEO of News Corp, described FY18 as a year of "operational and transformational success" for the company.

"HarperCollins' success underscores the importance of intelligent editors and great writers in creating premium content". As a outcome, the company is focused on driving higher penetration of digital paid subscriptions, particularly in Australia and at News UK in fiscal 2019.

He highlighted the growth of digital paid subscribers at United Kingdom mastheads such as the Times and the Sunday Times, and hailed strong growth at the Wall Street Journal.

"News Corp is now a more substantial company after the Foxtel transaction, with a much higher percentage of recurring, subscription-based revenues, which should help offset a volatile advertising environment". At Subscription Video Services, the company will focus on launching new OTT products, 4K, the next generation of the IQ Box and managing its broadcast base.

Like this: