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Setback for media mogul

Murdoch titles suffer from decline in sales

The SunRupert Murdoch’s News Corp has posted an $817m (£629m) loss for the financial year as it struggles to compensate for the decline in newspaper print income.

Revenue was 2% lower at $8.14bn because of lower print advertising revenue and foreign currency fluctuations.

The company said a charge of $785m reflected a write-down in value of its UK and Australian newspapers.

News Corp chief executive Robert Thomson said: “I think it’s fair to say on the digital advertising front that in the last half of the fiscal year, we didn’t see the growth that we wanted.

“We’re confident there will be an improvement in advertising, coordinated with the improvement in digital audience.”

The Times and the Sunday Times now have a digital-only subscription base of 201,000 and the Wall Street Journal has moved past one million paid subscribers to 1,270,000. The company also publishes The Sun.

Digital advertising revenue is also up and now accounts for 25% – up from 22% last year – of all revenue from the news and information division of the company.

But overall subscription and circulation revenue in the news and information division is down due to foreign currency fluctuations.

 

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