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News Corp flies on subs success

August 9, 2022

News Corp, Rupert Murdoch’s media company, has reported profits almost doubled in the year to June with growth in digital advertising and subs boosting its news operations to recover from pandemic losses.

The company reported an 11 per cent increase in revenue for the year to $10.4 billion (€10.1bn) and pre-tax profit rose to $812 million compared with $450 million the previous year.

“The News Media segment was the single largest contributor to the enhanced profit picture this fiscal year with profitability expanding to $217 million from $52 million, bolstered by growth in digital advertising revenues and record digital subscriber numbers,” chief executive Robert Thomson said.

Looking forward, Susan Panuccio, chief financial officer, said inflation and limited advertising visibility would result in “necessary action” on costs in the new financial year.The strong performance was a contrast to 2020, when the company booked a $1 billion loss in three months to March. News Corp shut the print editions of 100 Australian newspaper titles.

Some $20 million of costs were set aside linked to its TalkTV launch in the UK and other digital investments.

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