It’s hard to say that the write-down hurt the publishing operation for the fiscal year that ended in June. The noncash charge, disclosed today in the company’s first annual report since being separated from Rupert Murdoch‘s Fox entertainment assets, is an improvement over the $2.6B charge it took last year. All told, News Corp ended the year with net income of $506M, up from a $2.1B loss last year, on revenues of $8.9B, +2.7%. The revenue figure is short of the $8.96B that analysts anticipated. Earnings at 87 cents a share beat forecasts for 57 cents. The uptick in revenues reflects News Corp’s consolidation of Fox Sports Australia and acquisition of publishing company Thomas Nelson, and includes contributions from the introduction in February 2012 of the Sunday edition of UK’s The Sun. But ad sales overall fell by 7.4% cutting the revenue contribution of the Australian newspapers by $350M, and Dow Jones — which includes The Wall Street Journal — by $76M. The slowdowns were a factor in News Corp’s impairment charge which it says reflects its diminished assessment of the prospects for the News and Information Services businesses in Australia and the U.S. News Corp share prices rose 1% in after-market trading.
News Corp Reports $1.4B Writedown As Newspaper Valuations Slide
What's Hot on Deadline
Film Independent Spirit Award Nominations Announced: 'Carol', 'Spotlight', 'Beasts Of Nation' Come Up Strong
CW's 'DC's Legends Of Tomorrow', 'The 100', Get Premiere Dates, 'Vampire Diaries', 'The Originals' Move To Friday
Latest Business News
- Bridge Independent & Ketchup Ink Digital Deal
- Alec Baldwin, Laurence Fishburne, LaTanya Richardson Jackson To Read At Arthur Miller’s 100th Birthday Party
- TiVo Reports Record Sub Growth As It Starts To Look For A New CEO
- The Sony Hack One Year Later: Just Who Are The Guardians Of Peace?
- ‘Sylvia’, With Matthew Broderick, Will Shutter Early On Broadway
- Justice Department Probes Comcast’s Clout In Local Pay TV Ad Sales