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· Posted on
February 21, 2024

News Corp has seen its earnings drop by 75% in a changing-of-the-guard moment

News Corp just announced its results for the last quarter and it's fair to say, it's been whacked.

What's the key learning?

  • News Corp has seen a 75% drop in its earnings over the last period and the major culprits are its book publishing division and pay tv division.
  • News Corp's latest results highlight a major changing of the guard for its business.
  • The two areas that battled hard were the ‘old guard’ businesses. Think: book publishing down 54% in revenue and pay TV like Foxtel seeing a decline in subscribers.

👉 Background: News Corp is the mass-media company controlled by Rupert Murdoch. It owns publications like the Wall Street Journal and publisher Harper Collins as well as The Australian newspaper and a large chunk of Foxtel and REA Group too.

👉 What happened: Now, News Corp has just announced its results for the last quarter and it's fair to say, it’s been whacked. We’re talking a 75% drop in earnings over the last period.

👉 What else: The major culprits: its book publishing division thanks to reduced orders from Amazon and its pay tv division (think: Foxtel). But there were some silver lining.. particularly in its streaming businesses.

What's the key learning?

💡News Corp is a tale of two types of businesses - and a tale of two different financial results. The latest results highlight a major changing of the guard for News Corp's business.

💡The two areas that battled hard were the ‘old guard’ businesses. Think: book publishing down 54% in revenue and pay TV like Foxtel seeing a decline in subscribers.

💡The divisions that stormed ahead were the newer, digital products, like digital subscriptions and streaming services like Kayo and Binge.

‍

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