Murdoch empire takes hit

Times publisher sees 52% slump in profits as sales dip

The TimesNews Corporation, owner of The Times, The Sunday Times, The Sun and The Wall Street Journal newspapers, suffered a 52% slump in third quarter profits as a result of a decline in sales and advertising.

Profits fell to $23m (£15.2m; €20.6m) for the quarter ended 31 March on a 1% fall in revenue to $2.06bn.

News Corp, which is controlled by media mogul Rupert Murdoch, released the figures after the stock market closed on Tuesday afternoon. Shares rose 0.2% in after-hours trading to $15.95.

Chief executive Robert Thomson said: “The new News Corp continues to build a firm foundation for digital growth.

“We see that most clearly in the successful integration of, which grew audience and revenue at record levels in the third quarter. News Corp is now a global leader in digital real estate.”

Revenue in News Corp’s news and information division fell 9% as income from advertising declined 12%, and circulation and subscription revenue by 6%.

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