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.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PODCAST | The questions you need to ask yourself before starting a businessSPONSORED | In the second episode of this six-part series by Nedbank, certified financial planner and author, advocate Thayn Niemand, outlines important questions to ask yourself before getting professional guidance.
Source: BDliveSA - 🏆 12. / 63 Read more »