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| Robert Thomson |
News Corp. CEO Robert Thomson reports a 22 percent decline in Q4 revenues (ended June) to $1.9B and a $401M net loss, compared to a $42M deficit a year ago.
The owner of the Wall Street Journal, New York Post, Sun, Times of London and Australian newspapers estimates the COVID-19 pandemic cut revenues by $330M during the period.
News Corp reported full-year revenues of $9B, off 11 percent from last year. The $1.6B in red ink compares to $228M profit in 2019.
WSJ subscriptions jumped 15 percent to nearly 3M during the quarter. Digital-only subs advanced 23 percent to 2.2M, representing 75 percent of total subscriptions.
Ad revenues dipped 28 percent to 28M, largely due to a 43 percent drop in print ad revenues, while digital took a 7 percent hit.
Thomson said News Corp took stringent action to cut costs during the quarter and launched a shared services program, which will have a "materially positive impact" on the bottom line.
Newsmax has hired Squire Patton Boggs to push the line that DirecTV’s decision to drop the network from its line-up represents “conservative censorship.”
Axel Springer, the German media company that also owns such US-based properties as Politico, Insider and Morning Brew, is looking to get out of the print business... TikTok unveils plan that will cut use by the under-18 crowd... Vice Media global president of news & entertainment Jesse Angelo is following former CEO Nancy Dubuc out the door.
Gannett reports solid 29 percent growth in Q4 digital revenues... NPR to cut 10 percent of workforce... OZY Media chief executive Carlos Watson is arrested on charges of conspiring to commit securities fraud and conspiring to commit wire fraud.
Half of Americans now believe the news media intentionally misinforms or misleads them to adopt a particular point of view, according to a new survey published by the Knight Foundation and Gallup.
Three Republican Congressmen are calling for the immediate suspension of press credentials of reporters for the Al Jazeera Media News Network until it complies with the Foreign Agents Registration Act.
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