News Corp Australian newspaper revenues drop 21 per cent

News Corp’s Australian newspaper revenues dropped by 21 per cent year on year, the company’s third quarter financial results reveal.

The company has blamed the revenue declines on foreign currency fluctuations, with the Australian dollar dropping in value in recent months, and “continued revenue weakness in the Australian market”, as well as the sale of the Dow Jones Local Media Group, the company reported.

Total revenue for the company dropped by five per cent to $2.08bn compared with $2.18bn in the previous year.

Robert Thompson, CEO of News Corp, said: “The past quarter marked another robust stride in the direction of expanding our digital and international businesses, which was the goal we articulated on our investor day last year.”