News Corp warns of economic pressures, but profits rise

Earnings before interest, depreciation and amortization rose 31 percent to $1.67 billion for the full year from $1.3 billion.

This was driven by a 12% full-year increase in Real Estate Services EBITDA to $574 million; this division includes REA Group in Australia and in the US. EBITDA at Dow Jones, the separately distributed financial news division of News Corp, which is home to The Wall Street Journal and Barrons, rose 30 percent to $433 million.

Revenue rose 11 percent to $10.4 billion, which the company said was driven by higher digital subscriptions, growth in digital advertising revenue and a $110 million one-week profit additional in fiscal year 2022.

Pre-tax earnings at News Corp’s subscription video services division came in at $360 million. Foxtel’s total subscribers across broadcast and streaming increased to 4.4 million paying customers and a total of 4.5 million. This includes jumps in Kayo and Binge subscribers to 1.3 million payments and 1.2 million payments, respectively. Residential broadcast subscribers fell to 1.48 million from 1.65 million a year earlier.

News Media, which includes The Australian, The Daily Telegraph and Herald Sun, reported a pre-tax profit of $217. News Corp Australia contributed $109 million to profit growth and had 964,000 subscribers as of June 30.

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!