News Corp’s Australian newspapers sees 22 per cent revenue drop

news corpRevenues for News Corp’s Australian newspapers have continued to freefall, numbers for the company’s first US financial quarter suggest.

According to a filing to the US Securities and Exchange Commission, the company’s global revenues dropped by $171m between July and September, and most of this was because of the company’s problems in Australia. It revealed: “Australian newspaper revenues declined 22 per cent and accounted for the majority of the revenue decline compared to the prior year.”

The company has been racing to remove much of the centralisation of sales operations put in by former CEO Kim Williams which coincided with a collapse in the company’s revenues.

The 22 per cent fall in the first quarter may signal that the decline in the company’s has accelerated so far in this financial year, although the number also looks worse because of fluctuation between the US and Australian dollars.

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