News Corp Aussie newspapers lose 17 per cent of revenues
Australian newspaper revenues for News Corp dipped further in the final three months of last year, losing 17 per cent year-on-year with CEO Robert Thompson blaming a “challenging advertising market” for the global company’s revenues declining four per cent over the period to US$2.24bn.
However, the company claims ten per cent of the Australian operation’s decline can be attributed to the weakening Australian dollar with the rest blamed on “weaknesses” in the local market, while the consolidation of Fox Sports and increased ownership in Foxtel more than doubled earnings from the local operations to US$17m, from US$8m the year before.
However, cable TV operations revenue dropped three per cent to US$110m, but the increase in earnings was credited to the full effect of the consolidated holdings being felt, and lower programming costs for the group, thanks in part to the loss of the Big Bash League rights to Network Ten.
Revenues from digital Real Estate operation REA Group rose 20 per cent across the quarter to US$55m from US$46m the corresponding quarter, while overall earnings for the group increased by nine per cent to US$327m, from US$300m the year before, thanks largely to the property and publishing sectors.
US $8 and $19 million, surely.
“Changing Advertising Market” ?
So no consideration for their appallingly jaundiced coverage of the last Federal election then?
@Frequent Flyer, 7 Feb 14, 1:02 pm.
When Murdoch anointed Rudd prior to election Oz 2007, in New York, no complaints of ‘jaundice’ then?
Short memory, must have a … or not?
Wow. No wonder they’re trying to shut down the ABC.
Let’s see. Net earnings down below $100m for the newspapers. Which include 70% of Australian print and the $6 billion Dow Jones. And the wood duck who runs the Australian has the audacity to bake Fairfax and others over their profitability.
If Rupert did not base his business career on bullying politicians and others then the Oz would be in the bin. And the kid running the WSJ would be out on the street.
Rupert might well think he can stay in the game until he’s 140. But the game has moved away from him.
I hope Murdoch keeps his Australian newspapers open.
I quite enjoy the fact that they’re a bigger and bigger drag on earnings for the rest of the company. Makes you wonder if there is any point at which their losses are too much even for Rupert.
Yah!! And if they keep up the hate on the ABC it’ll only get worse for them. We all KNOW why Rupes is bludgeoning our favourite Aunty. He’d be better spending his time and focus on improving his own business rather than trying to destroy what he sees as opposition. While he is busy hating on the ABC the decks are burning all around him.
news corpse indeed
As long as News Corp keeps up its mad Right bias it will continue to struggle. It damages circulation and that reduces revenue. Rupert must decide if he is running a business or a political PR operation.
Love the way everyone thinks Rupert is still personally managing News’ paper interests in Australia.
The guy is in his mid-80s and runs hundred of companies in pretty much every country in the world.
The Tele wouldn’t be high on his agenda.
Obviously Clive, you have never worked for News Corp. He is often in the country and when he is not he keeps his minions busy making sure everyone toes the line. Those who don’t, don’t last.