News Corp's publishing profits halve despite Sun on Sunday launch

News Corporation's publishing division, which includes its UK newspapers The Sun and The Times, has reported a 48% drop in quarterly operating income to $57m (£37m).

Rupert Murdoch: chairman and chief executive of News Corp
Rupert Murdoch: chairman and chief executive of News Corp

Despite the launch of The Sun's Sunday edition in February to fill the gap left by the closure of The News of the World, the operating income figure is the second-lowest in eight quarters.

Operating income for News Corp’s publishing segment

News Corp is expected to separate its publishing assets from its entertainment assets, creating two separate companies by the end of June 2013.

The publishing division includes The Wall Street Journal, Australian newspapers such as The Australian, and book publisher Harper Collins. The division's revenues for the quarter ended 30 September (its fiscal first quarter for 2013) were down 2.5% to $2.02bn (£1.26bn).

During the quarter News Corp booked $67m (£42m) of costs relating to the investigations into the News of the World, taking the total amount booked since the paper’s closure to $274m (£171m).

Despite these troubles Rupert Murdoch, chairman and chief executive of News Corp, was able to brag about the company’s "momentum" including "double-digital growth in our channels business".

Overall revenue climbed 2% to $8.14bn (£5.08bn) and operating income was down 0.5% to $1.38bn (£863m).

Net income nearly doubled to $2.3bn (£1.4bn), though this included a $1.4bn (£875m) gain on the sale of News Corp’s 49% stake in technology firm NDS to Cisco.

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up

Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up

Waitrose has joined forces with Channel 4 and produced a Saturday morning lifestyle and cookery programme called 'Weekend Kitchen with Waitrose', with TV presenters Lisa Snowdon and Steve Jones signed up to front it.

Share
Newspaper ABCs: Guardian smashes through 100m browsers in March 2014

Newspaper ABCs: Guardian smashes through 100m browsers in March 2014

The Guardian reached more than 100 million monthly unique browsers for the first time in March, according to Audit Bureau of Circulations figures published today.

Share
Toyota achieves the impossible by calming angry Roman drivers

Toyota achieves the impossible by calming angry Roman drivers

Italians swearing and shouting while sitting behind the wheels of their cars and negotiating the busy streets of Rome could become a thing of the past if they all start driving Toyota's Hybrid vehicles, implies a short film for the car brand.

Share

Get news by email