- Fri May 08, 2020 10:29 pm
#608665
Rupert Murdoch gives up his bonus as News Corp loses US$1bn in three months
Huge losses driven partly by fall in valuation of Australian pay TV service Foxtel and decline in news advertising revenue
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Huge losses driven partly by fall in valuation of Australian pay TV service Foxtel and decline in news advertising revenue
https://www.theguardian.com/media/2020/ ... ree-monthsNews Corp said the mammoth loss was primarily driven by the company’s decision to slash the valuation of its troubled Australian subscription TV business, Foxtel, which has been struggling to compete against streaming services, and reclassify its US coupon business News America Marketing as an asset held for sale. (The business was sold earlier this week, after the end of the quarter.)
However, revenue also fell 8% compared with the same period last year, to US$2.27bn, due to falls in news advertising revenue, lower subscription revenue from Foxtel and the weak Australian dollar.
Thomson said the results “demonstrate the strength of News Corp and the power of our premium content”.
He said the company had US$1.4bn in “cash and cash equivalents” on hand and the ability to borrow an additional US$750m.
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