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

Instagram to roll out carousel ad platform

Instagram to roll out carousel ad platform

Instagram, the photo sharing social media site, is rolling out its carousel ad platform globally to help brands be more creative and "push the boundaries" with their ads.

Share
Neptune ascends White Cliffs of Dover for National Trust campaign

Neptune ascends White Cliffs of Dover for National Trust campaign

Roman god Neptune erupts from the breaking waves that pummel The White Cliffs of Dover, towering hundreds of feet, holding his trident aloft, thanking the public for supporting the National Trust's save-the-coast campaign, and then popping back under the breaking waves.

Share
Vintage Unilever and John Lewis ads in 1920s newspaper promotion of Poirot mystery

Vintage Unilever and John Lewis ads in 1920s newspaper promotion of Poirot mystery

A newspaper warning of the 'Monogram Murders' is being handed out to Londoners, with the publication resembling a 1920s paper and even including ads from the era from the likes of Unilever, John Lewis and Fortnum & Mason. The murders, of course, are fictitious but are being used to promote and are the subject of HarperCollins' new Hercule Poirot mystery.

Share

Get news by email