It appears current affairs remain the laggards
The Rupert Murdoch-controlled media company said the performance was due to investment in sectors such as real-estate and book publishing while indicating cost-cutting efforts at Foxtel and its evolution into an online streaming company gave News Corp “optionality and flexibility”.
Source: News Corp revenue jumps, Foxtel strategic pivot provides ‘flexibility and optionality’
Mind you the LNP has given them $40mill dollars on a Murdoch Quid pro Quo basis. Funds taken from the ABC who Morrisson like Abbott has echoed fro 7 years faced “no cuts” by the LNP
Revenue from News Corp’s subscription video service segment, which is made up of Foxtel and Sky News, fell US$77m in the first three months of 2020 “mainly due to lower subscription revenues resulting from fewer broadcast subscribers” and the weaker Australian dollar, the company said in accounts filed in May.
via Foxtel’s residential subscriptions plunged by nearly 200,000 in 2019 | Australia news | The Guardian
News Corporation is the latest international media company to reveal that it has been hit hard by COVID-19, with third-quarter accounts showing a $US1 billion ($1.5 billion) loss.
It is a setback that spurred Rupert Murdoch to join the growing list of senior executives forgoing their bonuses for this year.
But while the US, like the rest of the world, is feeling the heat from COVID-19, much of News Corp’s pain came from Australia.
As the owner of 65 per cent of pay TV operator Foxtel, News Corp’s accounts give an insight into how Foxtel is travelling.
Coronavirus update: Follow all the latest news in our daily wrap
And it’s not pretty.
“In one, two, three years, then either they totally change their business model and become like another Netflix, or, you know, another model that they may think of, otherwise I don’t think they will survive for much longer.”
As Virgin Australia found out a few weeks ago, when shareholders stop stumping up the cash for a loss-making business, the consequences are dire.
It beggars the question of just how many more $1 billion-plus writedowns Mr Murdoch is prepared to tolerate
Coronavirus losses may force Newscorp and Rupert Murdoch to rethink Foxtel business model – ABC News
Rupert Murdoch’s News Corporation is on the slide, once again reporting a loss – $306.7 million for the September quarter – in stark contrast to its $186 million positive result at the same time last year.
via Foxtel puts News Corp on the back foot as revenues fall
Keeping Sky News alive? It should wither on the line (ODT)
Rupert Murdoch’s News Corp has handed Foxtel a $300 million lifeline, without backing from fellow shareholder Telstra, amid further signs of weakness for the pay TV provider.
News Corp, which owns 65 per cent of the pay TV provider, used its own balance sheet to provide Foxtel with a $300 million shareholder loan to cover debts maturing in April.
via News Corp gives Foxtel a $300 million lifeline