News Corp revenues up partially driven by ARM acquisition, while Foxtel revenues dip
News Corp has reported total revenues for the third quarter of 2017 of US$1.98bn, up from US$1.89bn in the year prior, with the revenue increase partially driven by the acquisition of Australian Regional Media from APN News & Media.
According to a statement filed to the ASX and the NASDAQ overnight, the company – which locally publishes national broadsheet The Australian, Sydney tabloid The Daily Telegraph, Victoria’s Herald Sun and Queensland’s The Courier Mail – said its revenue for the quarter reflected growth in its News and Information Services segment, “driven by News America Marketing and the acquisitions of Australian Regional Media (“ARM”) and Wireless Group plc (“Wireless Group”), partially offset by lower print advertising revenues, as well as continued strong performance at the Digital Real Estate Services and Book Publishing segments”.
Revenues for the company’s News & Information segment posted revenues of $1.263bn for the quarter, up from $1.231bn in 2016.
No commentary on last week’s strike in relation to the required $30m needing to be saved by firing everybody?
Hi AlisonF,
Not sure what you mean with this comment. The strike action and $30m savings restructure is occurring at Fairfax, not News Corp.
News Corp recently announced some redundancies are to be expected following its decision to bring the Fox Sports News team under the Australian News Channel merger.
In April, Queensland staff also passed a ‘no confidence’ vote in News Corp’s management after it announced a restructure which would see most photographers made redundant and a significant reduction in sub-editing staff.
Last week’s strike action, however – and indeed the $30m required savings – is happening at Fairfax.
Hope this clears up the confusion.
Thanks,
Vivienne
Editor
Mumbrella