Rupert Murdoch's News Corp. posted a 5.3 percent drop in net income to $150M during the quarter-ended Dec. 31 on a two percent sales rise to $2.3B.
The flagship newspaper group (Wall Street Journal, Sun, New York Post, Times of London, The Australian) turned in $216M in earnings before interest, taxes, depreciation and amortization, which was off 15 percent.
The segment reported a six percent revenue drop to $1.5B. Segment ad revenues dipped nine percent while circulation sales declined three percent.
The HarperCollins book publisher unit was the star performer as revenue rose 20 percent bolstered by the addition of Harlequin Enterprises. Publishing unit's EBITDA rose 13 percent to $77M.
CEO Robert Thomson said the "development of new News Corp. continued apace during the second quarter as we began the transformation of the just acquired realtor.com, which has certainly exceeded our in traffic growth."
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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