Discerning audiences crave valuable content amidst a morass of mediocrity and mendacity, News Corp CEO Robert Thomoon told the company’s AGM.
“Our journalists and writers and creators of all kinds are conscious of both the responsibility and the opportunity, cognizant that we are at an historic inflection point in the age of AI,” he said.
“The value of intellectual property remains vital if we are collectively to realise our potential. “Much is made of the competition with China, but America’s advantage is ingenuity and creativity. To undermine that comparative advantage by stripping away IP rights is to vandalize our virtuosity.
“Companies are spending tens of billions on data centers, tens of billions on chips and tens of billions on energy generation.
“These same companies need to spend tens of millions or more on the content crucial for their success.
“They also need to ensure that the information eco-system remains healthy, that there is a range of varied and verifiable sources, and that Woke AI does not become the digital default.
Thomson said News had reported robust earnings across all four quarters.
Revenue rose 2% to nearly $US8.5 billion, and total segment EBITDA improved 14% to just over $1.4 billion, a record for the company, while net income from continuing operations increased 71% to $648 million.
“Our performance reflects the enduring value of our world-class content and the resilience of our distinguished portfolio of brands, which are thriving in the AI age,” he said.
Thomson said News remained dedicated to generating value with a focus on three growth pillars: Dow Jones, Digital Real Estate Services and Book Publishing.
The recent sale of Foxtel to DAZN bolstered the company’s cash position.
Profitability at News Media improved, driven by editorial creativity and cost consciousness. “There were also benefits to our mastheads from our digital partnerships with the principled technology platforms, and subscription growth at News UK and News Corp Australia,” he said.
The Times and The Sunday Times increased their circulation base, closing the year with 640,000 paying digital subscribers, up from 594,000 a year ago.
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