News Corp reports best quarter since establishment in 2013

February 5, 2021 10:35

News Corporation (News Corp) today released its financial results for the three months ended 31 December 2020.

Commenting on the results, chief executive Robert Thomson said the quarter was “the most profitable quarter since the new News Corp was launched more than seven years ago”, reflecting the ongoing digital transformation of the business.

News Corp reported total revenues of $2.41 billion for the quarter, which was 3% lower compared to $2.48 billion in the prior year equivalent period. According to the financial report, the decline was mainly due to “lower revenues at the News Media segment”, this was primarily driven by a $191 million, or 8%, negative impact from the divestiture of News America Marketing, weakness in the print advertising market, and a $34 million, or 1%, impact from the closure or transition to digital of regional and community newspapers in Australia.

Subscribe to keep reading

Join Mumbrella Pro to access the Mumbrella archive and read our premium analysis of everything under the media and marketing umbrella.

Olivia Kruimel

Olivia Kruimel was the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.