The birthplace of Rupert Murdoch’s media empire, News Corp’s Australian business, is shaping up as a trouble spot for the global firm, after a $1bn writedown and a move to stop printing more than 100 regional newspapers.
Along with more than 100 newspapers controlling two-thirds of the Australian market, the unit included a stake in real estate website REA Group and struggling pay-TV group Foxtel.In a statement, News Corp co-chair and Rupert’s son Lachlan Murdoch reinforced the company’s commitment to its Australian operations.
In the March quarter, Foxtel’s earnings fell 31% from a year earlier, while News Corp took a $931m impairment charge on the value of the pay-TV service, pushing News Corp to a $1bn loss. “I’ve had a view it’s worth nothing for a long time,” said Rhett Kessler, a principal at Pengana Australian Equities, a top-20 shareholder of Telstra.News Corp declined to comment beyond Murdoch’s statement. It has said a new streaming service, Binge, will capitalise on Australians’ appetite for content during prolonged periods at home due to the coronavirus response.
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