News Corp's revenue falls
Revenue at News Corp's news and information division fell 6 percent in the last quarter of the corporation's fiscal year, and 9 percent in the full year, when compared with the respective same periods the year before.
"The majority of the revenue decline reflects lower advertising revenues at the News and Information Services segment, the sale of LMG and foreign currency fluctuations, partially offset by strong performance in the Book Publishing and Digital Real Estate Services segments," the company says in an earnings release. "LMG" refers to Dow Jones' Local Media Group, which the company sold last September.
Overall revenue was down 3 percent in the fourth quarter and 4 percent for the year. Circulation and subscription revenues were down 5 percent in the year, the report says. Advertising revenue in the news division, which includes Dow Jones, The Wall Street Journal and the New York Post, was down 10 percent in the year.
News Corp paid $169 million, with $72 million "net of indemnification" from former corporate sibling 21st Century Fox, in matters related to the U.K. phone hacking investigations, or as News Corp puts it, "related to the claims and investigations arising from certain conduct at The News of the World." Those matters cost the company $183 million the previous year.