News Corp has produced strong quarterly figures. But its Australian and UK newspapers are notably absent from the roll call of triumphs.
After seven years of confusion, missteps and billions of dollars in write-downs and accompanying losses, News Corp has finally got its act together and produced strong quarterly figures.
This is due to a combination of property, a rebound at Foxtel, the ongoing boom at The Wall Street Journal, and the first profit at the New York Post in decades.
Despite a 3% dip in revenues to US$2.41 billion (due to the sale of News America Marketing), News earned a quarterly net profit of US$261 million — more than double the US$103 million in the final quarter of 2019. Total segment earnings before interest, tax, depreciation and amortisation was US$497 million, compared to US$355 million in the prior year.
