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News Corp. Revenues Fall With Slower Ad Sales

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.

 

 

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