News Corp: Currency Movements and Non-Us Businesses

news corp: Dull, predictable, too rightwing' former editor of the Australian lets rip Weekly Beast Read more Across the news part of the group, advertising revenue fell and subscription revenue was flat as the company struggled against currency movements that have made its non-US businesses less lucrative, according to The Guardian. News Corp said a 3%, or US 163m, fall in revenue at its news division, which includes its papers and websites in Australia and the UK, was largely driven by declines in the Australian dollar and UK pound. But results released on Friday show that overall the globe-spanning media empire returned to the black in the year to the end of June, declaring a profit of US 155m A 228m . This followed a loss of about US 1.5bn in 2018, due mainly to News Corp taking full control of the struggling Foxtel by buying out Telstra. Revenue at News UK, which includes the Sun and the Times, fell 4%. The mood was grimmer in the last three months of the financial year News Corp Australia revenue slid 7% and News UK revenue was down 10%. In an effort to cut costs, News Corp made several staff across editorial and other divisions at its Australian tabloids redundant in the run-up to June 30. Advertising revenues declined 8% compared to the prior year, of which 18m, or 2%, was related to the negative impact from foreign currency fluctuations, the company told the stock exchange. It did not mention the job cuts in its results announcement, but said News Corp Australia made a higher contribution to profits. (news.financializer.com). As reported in the news.