News Corp. Revenues Fall With Slower Ad Sales

News Corp Logo

News Corp. said that its revenues in its most recent quarter fell 5% to $2.08 billion, reflecting foreign currency fluctuations and continued sluggish advertising revenues as its newspapers.

The company said that its third-quarter net income fell to $48 million, or 8 cents a share, from $323 million, or 56 cents a share a year ago. Excluding one-time gains from the prior year, adjusted net income was 11 cents a share in the most recent quarter, compared to 13 cents a share a year earlier.

On Thursday, the company appointed William Lewis as CEO of Dow Jones, having served as interim CEO since the departure of Lex Fenwick in January.

The company said that the decline in news publishing was offset by improvements in the book division. Revenues increased by $14% to $354 million, driven by the popularity of the “Divergent” series and an improvement in e-book revenues. The company recently announced the acquisition of romance publisher Harlequin Enterprises from Torstar Corp. The company also saw a gain in revenue in its digital real estate services, rising 19% to $102 million.

The news and information services division was hit by a 10% decline in total segment advertising revenues, and circulation and subscription revenues fell 5%. Revenue in the division fell 9% to $1.5 billion.

The company’s fiscal third quarter ended on March 31.

 

 

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading