Murdoch’s News Corp profits halve as sales and advertising fail

News Corp, Rupert Murdoch’s international publishing business, has seen a dramatic fall in net profits as sales and advertising revenue streams have dried up.

The group, which owns The Sun, The Times, The Sunday Times and the Wall Street Journal, as well as several Australian papers, saw net third-quarter profits fall by 52% compared to the same period last year.

Profits fell to $23m (£15.2m), and revenues went down by 1% to $2.06bn (£1.36bn).

But the company did see growth in its property listing business,, which enjoyed record growth in audience and revenue. Highlighting the success in this area, chief executive Robert Thomson said: “News Corp is now a global leader in digital real estate.”

However, the picture in the newspaper division is bleak. This part of the business diminished by 9% overall, with advertising revenue falling 12% and circulation and subscription revenue falling 6%.

Elsewhere, the group enjoyed a fillip in its publishing department, as sales of Chris Kyle’s autobiography, American Sniper, boosted results after it was made into a film starring Bradley Cooper. This helped boost revenues in the publishing department by 14%.

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Readers' comments (1)

  • It couldn't happen to a nicer fella.

    Let's hope the downward slide continues.

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