News Corp posts US$1.5bn loss driven by sharp declines in newspaper revenue – By Christopher Knaus (The Guardian) / Aug 6 2020
Revenue collapses by 16% in Australia and 13% in the UK, while Foxtel loses 12% of its subscribers in Australia
News Corp has posted a US$1.5bn loss, with its Australian and United Kingdom newspaper businesses suffering sharp declines in revenue and its Foxtel pay-TV business in Australia bleeding subscribers, new financial results for 2019-20 show.
The global media giant released its financial results for 2019/20 on Thursday in the US. The reports paint a grim picture across the last quarter and year, with the exception of its Dow Jones business.
News Corp Australia and News UK revenue declined 16% and 13% respectively across the year.
In the last quarter, as Covid-19 hit, revenue declined 31% at News Corp Australia and 22% at News UK.
Continue to article: https://www.theguardian.com/media/2020/aug/07/news-corp-posts-15bn-loss-driven-by-sharp-declines-in-newspaper-revenue
