Sunday Sun buoys up News Corp's publishing revenues

News Corporation's publishing division, which includes its UK newspapers, reported revenues of $2.1bn (£1.3bn) in the final three months of 2012, an increase of less than 1%, ahead of the expected separation of the company.

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

According to the News Corp results, the company's publishing division, which includes News International in the UK and book publisher Harper Collins, made revenues of £2.15bn in the three months to 31 December, up 0.9% year on year.

News Corp said operating income for the quarter in its publishing division was $234m (£149m), up 7.3% year on year, partly due to "increased contributions" from the UK newspapers, which benefited from the launch of the Sunday edition of The Sun.

In the final quarter of 2012, News Corp reported costs of $56m (£36m) related to the ongoing phone hacking investigations and compensation paid following the closure of the News of the World, down from $87m (£56m) a year earlier.

Meanwhile, News Corp's total revenues were $9.43bn (£6.02bn) in the final three months of 2012, an increase of 5.0% year on year.

News Corp's group income from continuing operations before income tax expense was $2.86bn (£1.9bn) in the period, up a whopping 90.6% year on year.

Revenue at its cable network programming division hit $2.55bn (£1.62bn), up an impressive 18.4% year on year, and clearly demonstrating why News Corp wants to separate its profitable entertainment businesses from the publishing arm.

Rupert Murdoch, chairman and chief executive of News Corp, said: "News Corporation's fiscal second-quarter performance reflects our strong momentum. 

"Double-digit gains in our cable and television businesses, along with improvements in our publishing segment, drove revenue and earnings growth even as we seized opportunities to invest in our core businesses for long-term and sustainable growth."

News Corp expects to split into two businesses by 28 June, within a year of its announcement, but the move is dependent on approval from the board of directors and stockholders.

Murdoch said that as News Corp made progress towards the proposed separation of its entertainment and publishing businesses later this year, he was "confident in the future prospects for both businesses".

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

My Media Week: Barnaby Rothwell

My Media Week: Barnaby Rothwell

This week, Barnaby Rothwell, promotions director, UK & EMEA at Disneymedia+, focuses on a major collaboration with Sky and Pixar, the ongoing 'Star Wars Rebels' promotion and sorting wedding pics

Share
Hotpoint sponsors Good Food Channel

Hotpoint sponsors Good Food Channel

Hotpoint Appliances is sponsoring the Good Food Channel's World of Flavour strand in a six-figure deal, with idents running until September next year.

Share
Media Owners take games into their own hands

Media Owners take games into their own hands

A new generation of gamers is sharing and viewing content in ways that have caught the attention of media owners. But can they harness these trends to grow their businesses? Jason Kingsley OBE, chief executive of games maker Rebellion shares his thoughts.

Share

Get news by email