News Corp worldwide reports $1.4bn net loss, but paid subscriptions rise
12 August, 2018, 04:46
Under pressure Foxtel has managed to hold onto subscribers with the pay TV operator now undergoing a transformation program under the new management after a $33M revenue drop. Fox is now undergoing another breakup, with a plan to sell most of its TV and film assets to Walt Disney Co.
The New York-based media company reported a fourth-quarter loss of $372 million or $0.64 per share, compare to last year's loss of $430 million or $0.74 per share. The company posted earnings of 8 cents a share, excluding some items, and revenue of $2.69 billion - both topping analysts' estimates. "With robust performance across our businesses, and positive and profound changes in the character of our revenue flows, which were more global, digital and subscription-based".
Bloomberg LP, the parent of Bloomberg News, competes with News Corp.in providing financial news and services.
Among smaller segments, book publishing rose 20 percent; digital real estate jumped 19 percent.
The stronger results that News Corp. reported for the fourth quarter (ended June 30) were driven by contributions from Australian pay TV company Foxtel, which it bought earlier this year, and continued growth in its digital business, according to company executives.
Pro forma Segment EBITDA for fiscal 2018 decreased $154 million, or 22%, compared with the prior year, primarily due to $90 million of higher sports programming costs, mainly related to the Australian Football League and National Rugby League rights, as well as lower subscription revenues despite rising subscriber numbers.
The company's goal for its combined Foxtel and Fox Sports Australia business continues to be an initial public offering (IPO), she and News Corp.
Among the major themes from this past year and Q4 were the steps that News Corp. took "to stabilize" its News and Information Services segment, where "tangible improvement" was accomplished "through a combination of cost initiatives and digital investments", Panuccio said.
The swathe of red ink came despite healthy digital subscriber growth led by The Times, Sunday Times and Wall Street Journal as well as successes at its property portal realestate.com in addition to its book publishing unit. This consolidation will make circulation and subscription revenues the biggest revenue stream for News Corp for the first time, guarding the company against the volatile advertising market. The new Foxtel is focused on product innovation and leveraging its valuable content.
"We are marking five years since our separation and are confident News Corp has a lustrous future, built on a strong digital and global foundation".
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