News Corp reports increase in revenues
Publishing company News Corp controlled by Rupert Murdoch reported an annual revenue growth of 2.7% to almost USD8.9 billion from an increase in circulation and subscription revenue. Saudi billionaire Prince Alwaleed Bin Talal owns a 7% stake in the news and publishing conglomerate.
The net income for the fiscal year ending June 30 had USD506 million or about USD0.87 per share. In the previous year, the company reported a loss of USD2.1 billion or about USD3.58 per share.
News Corp had split its entertainment business from its publishing business last June. The publishing business comprised of the Wall Street Journal, The Times of London, publishing houser HarperCollins, education firm Amplify as well as pay television and digital interests located in Australia. The entertainment business, now known as 21st Century Fox, comprised of the movie studio, cable holdings and television shows.
The split was brought about by the changes in the marketplace as advertising revenue fell because companies had opted to go towards digiital advertising away from print advertising.
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