News Corp’s advertising revenue falls over 50% in fourth quarter, as company posts US$1.5bn loss

Original article by Vivienne Kelly
Mumbrella – Page: Online : 10-Aug-20

News Corporation has posted a loss of $US401m for the June quarter, compared with a loss of just $42m for the previous corresponding period. Its loss for the year to 30 June totalled $US1.545bn, following a profit of $US228m for the previous year. Advertising revenue fell 51.6 per cent in the quarter and 19.9 per cent for the year, and news media revenue was down 41 per cent in the quarter and 18 per cent for the year. The financial results for Dow Jones have been disclosed separately for the first time; the publisher of ‘The Wall Street Journal’ has posted lower revenue for the quarter, but full-year revenue rose by three per cent to $US1.6n. In Australia, the subscriber base of Foxtel – including the Kayo and Binge streaming services – fell 12 per cent to 2.777 million in 2019-20.

CORPORATES
NEWS CORPORATION – ASX NWS

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