News Corp’s advertising revenue was dragged down by a weak print market in the year to june.
The news conglomerate posted a 7% decline in advertising revenue to US$2.7 billion, impacted by a “weak” print advertising market, lower revenues at News America Marketing and negative impact from foreign currency fluctuations.
News recently announced a review of News America Marketing, which includes a sale of the business, and says it’s received “material interest”.
Total revenue for News Corp was US$10.1 billion, a 12% increase compared to $9 billion the year prior, impacted by the consolidation of Foxtel for the full year and growth at its real estate services, REA and realtor.com.
“News Corp completed Fiscal 2019 robustly, with revenues rising 12% and profitability 16% higher compared to the prior year, reflecting the consolidation of Foxtel, strength in digital real estate and substantial progress in the successful digital transformation of our news businesses,” Robert Thomson, News Corp CEO, says.
“We are acutely focused on simplifying the structure of the company and making clear the full value of the sum of our parts.”
Circulation and subscription revenue was US$4.1 billion for the year, compared to US$3 billion the same period last year.
A full look at the results:
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