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’
The Murdoch stranglehold over Australian media was, as ever, a popular topic on IA during 2020, with this February glimmer of hope from Paul Budde receiving nearly 40,000 unique views.
#3 TOP IA STORY OF 2020: Foxtel pay-TV faces slow death
Rupert Murdoch has funnelled Foxtel out of News Corp Australia to a mysterious entity in the secrecy jurisdiction of Delaware. Michael West reports on the secret transactions which appear designed to sell News Corp’s Australian media business.
Inside Rupert’s Big Aussie Sale: Murdoch smuggles Foxtel – and its government grants – out of the country – Michael West
While the ABC is made to suffer like no other media organisation (ODT)
As FOI documents reveal the extent of Foxtel’s government support, it’s important to remember that Foxtel has always been about haggling for government money.
What we do know, after an extensive freedom of information (FOI) request reported by the ABC on Friday, is that the struggling News Corp-controlled television company gets concierge treatment from the federal government on a scale unavailable to almost any other Australian media organisation.
Foxtel’s government begging bowl is brimming with goodies
Rupert Murdoch’s Foxtel is under attack on many fronts, from specialist sports streaming services, Netflix, Stan and Amazon Prime to Kevin Rudd’s cancel News Corp petition. A new tie-up between Fetch TV and a cloud application platform ratchet’s up the pressure. Anthony Eales reports on Foxtel’s battle for survival.
Australian TV Survivor: does Foxtel face elimination as streaming giants gang up? – Michael West
According to an ABC report, government funds were fast-tracked to Foxtel during the coronavirus pandemic. This news will raise eyebrows, as the media — like so many industries — tries to survive the pain and disruption brought by COVID-19. Why are some outlets missing out when others have their requests prioritised?
Federal Government fast-tracks grants to Foxtel
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 wrapAnd 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.
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.
