News Corp Reports Third Quarter Results for Fiscal 2021
06/05/2021
Fiscal 2021 Third Quarter Key Financial Highlights
Revenues were $2.34 billion, a 3% increase compared to $2.27 billion in the prior year, driven by the continued strong momentum across our key growth pillars
Net income of $96 million compared to a net loss of $(1) billion in the prior year, which included non-cash impairment charges of $1.1 billion
Total Segment EBITDA was $298 million compared to $242 million in the prior year
Reported EPS were $0.13 compared to $(1.24) in the prior year - Adjusted EPS were $0.09 compared to $0.03 in the prior year
Move, operator of realtor.com , reported 37% revenue growth, with traffic reaching a record 108 million unique users in March, and was again a key driver of Segment EBITDA growth at the Digital Real Estate Services segment
Dow Jones Segment EBITDA increased 61%, with another strong increase in digital advertising revenues, record digital subscriptions, and continued robust growth at Risk & Compliance
Book Publishing Segment EBITDA increased 45%, benefiting from the success of numerous backlist titles, including the Bridgerton series
Reached multi-year partnership agreements with Google and Facebook for news content
Recently completed the acquisition of Investor's Business Daily and announced the planned acquisitions of Houghton Mifflin Harcourt's Books and Media segment and Mortgage Choice
New York, NY - May 6, 2021 - News Corporation ( News Corp or the Company ) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2021.
Commenting on the results, Chief Executive Robert Thomson said:
The financial year is on a trajectory to be the most profitable since our reincarnation in 2013. This highlights the transformed character of the Company, with improved revenue performance and a 23 percent increase in profitability in the third quarter.
The results vindicate the strategy of simplifying the asset mix, vigorously pursuing digitization, slimming the cost base, and investing in three growth areas - Digital Real Estate Services, Dow Jones and Book Publishing - which collectively generated 55 percent Segment EBITDA growth in the third quarter.
Move, operator of realtor.com , flourished, with 37 percent revenue growth, and more than 100 million unique users in March, a 60 percent increase on a year earlier. At Dow Jones, digital revenues reached 74 percent of the total, with digital advertising growing by a robust 30 percent and The Wall Street Journal subscriptions setting record after record. And at Book Publishing, revenues rose 19 percent, thanks to a valuable backlist and faster digital growth.
Foxtel's resurgence during the pandemic reflected the enduring value of its broadcast offering, the rapid growth of streaming services, and a relentless focus on costs, all of which contributed to a 34 percent surge in Segment EBITDA.
We have reached historic deals with Google and Facebook, and continue our international campaign to reset the terms of trade for premium journalism. The cooperation in recent weeks with the Google team has certainly been productive and we look forward to further engagement with Facebook. These landmark agreements have meaningfully and materially changed the media landscape.
Finally, we successfully completed our inaugural bond offering, which was met with extremely high demand, and was a resounding vote of confidence in the Company's strategy and its prospects.
Third Quarter Results
The Company reported fiscal 2021 third quarter total revenues of $2.34 billion, 3% higher compared to $2.27 billion in the prior year period. The increase was driven by the $176 million, or 8%, positive impact from foreign currency fluctuations and continued growth in the Digital Real Estate Services, Book Publishing and Dow Jones segments. The growth was partially offset by lower revenues at the News Media segment, primarily driven by a $199 million, or 9%, negative impact from the divestiture of News America Marketing, weakness in the print advertising market and a $28 million, or 1%, negative impact from the closure or transition to digital of certain regional and community newspapers in Australia. Adjusted Revenues (which exclude the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 4%.
Net income for the quarter was $96 million compared to a net loss of $(1) billion in the prior year, reflecting the absence of $1.1 billion of non-cash impairment charges in the prior year, higher Total Segment EBITDA, as discussed below, and higher Other net, partially offset by higher tax expense.
The Company reported third quarter Total Segment EBITDA of $298 million, a 23% increase compared to $242 million in the prior year. The increase was primarily due to higher revenues, as discussed above, and a $32 million, or 13%, positive impact from foreign currency fluctuations. The growth was partially offset by higher costs in the Other segment due to higher employee costs, primarily related to stock price performance, as well as investment spending related to the global shared services initiative. The results also reflect a $24 million negative impact from the divestiture of News America Marketing in the prior year. Adjusted Total Segment EBITDA (as defined in Note 2) increased 24%.
Net income (loss) per share attributable to News Corporation stockholders was $0.13 as compared to $(1.24) in the prior year.
Adjusted EPS (as defined in Note 3) were $0.09 compared to $0.03 in the prior year.
Please click here for the full Earnings Release information.
###
About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and se
LINK: | https://newscorp.com/2021/05/06/news-corp-reports-third-quarter-result... |
See more stories from newscorp |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
16/05/2024
Telestream Taps Power of AI to Manage, Define Media Workflows
TV Tech recently sat down with Telestream CEO Rhonda Bassett-Spiers and CTO Simon Clark to discuss how the M&E industry is adapting the cloud, IP and AI to enha...
16/05/2024
1185 Films launches one stop shop' for industry talent
1185 Talent will include directors, editors, colourists, VFX artists and photographers By Jenny Priestley Published: May 16, 2024 1185 Talent will include...
16/05/2024
Updated: Presteigne Broadcast Hire enters administration
The administrators said they are focused on trading the business as a going concern while they assess options, including exploring the possibility of a sale By...
16/05/2024
AWS CEO Adam Selipsky steps down
Selipsky will leave the company on 3rd June, and will be succeeded by Matt Garman, a senior vice president who has overseen sales and marketing at AWS By Jenny...
16/05/2024
Sony Pictures Post Production Services Completes Sound Facilities Expansion
Sony Pictures Post Production Services has announced that the final phase of a multi-year effort to expand and modernize its motion picture and television sound...
16/05/2024
CNN, ABC to Televise Two Presidential Debates
President Joe Biden and Former President Donald Trump have agreed to participate in two televised debates, the first of which will be hosted by CNN on June 17....
16/05/2024
Disney+ Debuts First Concert Film to Stream with IMAX Enhanced Sound
BURBANK, Calif. and NEW YORK Disney+, IMAX Corporation, and DTS, a wholly-owned subsidiary of Xperi, have announced that Queen Rock Montreal is now streaming ...
16/05/2024
WBD Unveils Advanced Advertising Features for Max
NEW YORK During its upfronts presentation, Warner Bros. Discovery announced a suite of new advanced ad products available on Max, that include shoppable ads, ad...
16/05/2024
iZotope announces RX 11 audio software, introducing new machine learning for tackling noise, and new tools for music streaming
iZotope announces RX 11 audio software, introducing new machine learning for tac...
16/05/2024
Check Out the Cine Gear Expo June 7 9, 2024 at Warner Bros. Studios in Burbank, CA
Check Out the Cine Gear Expo June 7 9, 2024 at Warner Bros. Studios in Burbank...
16/05/2024
Nouvel Photo & Film Captures Cinematic Wedding Films with Blackmagic Cinema Camera 6K
Nouvel Photo & Film Captures Cinematic Wedding Films with Blackmagic Cinema Came...
16/05/2024
Replacing Surfaces Like a Pro with Mocha AE Planar Tracking
Replacing Surfaces Like a Pro with Mocha AE Planar Tracking Levi Borland May 15, 2024 0 Comments Welcome to our comprehensive tutorial on planar track...
16/05/2024
CBC's CPL Teams Salamanders, Yard Gnomes One Week Away From Season Opener
The world of baseball at Capitol Broadcasting is about to expand like fireworks on a Friday night. The Holly Springs Salamanders will open their season at home...
16/05/2024
Blockgraph Adopted by tvbeat, Enabling Audience-Based Planning
Blockgraph said that its identity and data collaboration platform has been adopted by tvbeat, a provider of campaign planning technology for media companies....
16/05/2024
Skeem Saam: Wednesday's episode, 15 May 2024 [video]
Skeem Saam: Wednesday's episode, 15 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African so...
16/05/2024
Monet painting fetches R640 million at New York auction
Monet painting fetches R640 million at New York auctionA Monet has sold for nearly R640 million at auction, Sotheby's said, marking a solid start to New Yor...
16/05/2024
Cruinni na ng 2024 - a day of free creative activity for young people
RT is supporting Cruinni na n g with a nationwide campaign on television, radio, online and digital. For a full listing of all activities and information on h...
15/05/2024
UKTV Ventures partners with The Farewell Guide in 1million airtime-for-equity deal
12th March 2024 - Award-winning broadcaster UKTV has today announced it has inve...
15/05/2024
Give Me the Backstory: Get to Know Jianjie Lin, the Writer-Director Behind Brief History of a Family
By Bailey Pennick One of the most exciting things about the Sundance Film Festi...
15/05/2024
De viktigaste insikterna frn Spotifys rliga Loud & Clear-rapport
Med sin rliga royaltyrapport Loud & Clear kar Spotify transparensen i musikindustrin, s att artister, l tskrivare, fans och hela musikbranschen f r en st rre...
15/05/2024
Chegaram as ltimas estatsticas: Artistas brasileiros geraram mais receita e alcanaram mais fs no Spotify - basta perguntar Anitta
Nos ltimos 10 a 15 anos, a mudan a para o streaming de udio transformou comple...
15/05/2024
The Latest Stats Are In: Brazilian Artists Generated More Revenue and Reached More Fans on Spotify-Just Ask Anitta
Over the last 10-15 years, the move toward streaming audio has completely transf...
15/05/2024
Celebrating 80 years of success in Morganton
On May 15th, we celebrate the 80th anniversary of the SGL Carbon site in Morganton, North Carolina. The entire SGL Morganton family came together to celebrate t...
15/05/2024
SBS Audio marketing campaign tells the stories of new Australians, with multilingual content offerings to assist migrants
SBS Audio marketing campaign tells the stories of new Australians, with multilin...
15/05/2024
ST Engineering iDirect's SKYflow Wins 2024 NAB Show Product of The Year Award
The pioneering satellite OTT solution clinched the Hardware Infrastructure award...
15/05/2024
L3Harris CEO to Present at Bernstein Annual Strategic Decisions Conference
MELBOURNE, Fla., May 15, 2024 - L3Harris Technologies (NYSE:LHX) Chair and CEO Christopher E. Kubasik will present at the Bernstein Annual Strategic Decisions C...
15/05/2024
Netflix to Stream Live Christmas Day NFL Games
In a major example of how large streaming services are successfully battling for lucrative sports rights, Netflix has announced that it has secured global right...
15/05/2024
NAB Show: Creative Lens on Live Sports
LAS VEGAS The premise of the 2024 NAB Shows Creative Lens on Live Sports: Next Gen Video Production and Fan Experiences session was very simple to understand if...
15/05/2024
ATEME Integrates Advanced HDR by Technicolor into TITAN Encoders
SILVER SPRINGS, Md. Encoder specialist ATEME has integrated Advanced HDR by Technicolor into its TITAN video compression solution, Technicolor said today....
15/05/2024
Berklee Artists to Perform at Major US Music Festivals this Summer and Fall
Berklee Artists to Perform at Major US Music Festivals this Summer and Fall The Berklee Popular Music Institute arranged placements at top festivals including...
15/05/2024
ABC Sets The Golden Bachelorette' for Fall Schedule
ABC shared its 2024-2025 fall schedule hours before the Disney upfront presentation Tuesday, May 14. There's The Golden Bachelorette, a new Ryan Murphy show...
15/05/2024
Alicia Keys Kicks Off Amazon Upfront Show, Reese Witherspoon Wraps It Up
Amazon's first-ever upfront presentation, at Pier 36 in Lower Manhattan, got a late start due to its remote location. But the energy spiked when Alicia Keys...
15/05/2024
Disney Upfront Welcomes Back Bob Iger and Jimmy Kimmel
The Walt Disney Co.'s upfront presentation went on with a connections theme, and Bob Iger himself appeared onstage moments after it began. Emma Stone introd...
15/05/2024
Hulu's Under the Bridge' Tops TVision Power Score Rankings
Hulu's Under the Bridge moved up to take the top spot in TVision's Power Score rankings of the top shows on connected TV for the week of May 6....
15/05/2024
The CW Gets Rights to 11 PAC-12 Football Games
BURBANK, Calif. The CW Network has announced it will be the broadcast home for 11 Pac-12 football games featuring Oregon State and Washington State during the u...
15/05/2024
Nielsen: Disney Is Top Media Distributor with 11.5% of TV Usage
NEW YORK Disney has landed on top of Nielsens newly launched Media Distributor Gauge, which offers its first cross-platform view of total TV consumption across ...
15/05/2024
Max Sets a May 21 Streaming Debut for 'Dune: Part Two
Warner Bros. Discoverys Max streaming services has finally set a launch date for Dune: Part Two with the announcement that the film will begin streaming on Thur...
15/05/2024
FCC Establishes Spectrum Steering Team
WASHINGTON, D.C. FCC Chairwoman Jessica Rosenworcel has announced the establishment of the Spectrum Steering Team that will lead the FCC's efforts to develo...
15/05/2024
Gary Heelas joins TSL as principal engineer
TSL said the appointment marks a strategic enhancement in the companys commitment to focusing on UK and US-designed and manufactured solutions By Jenny Priestl...
15/05/2024
Is Sony about to pull out of its bid for Paramount?
Sony and Apollo may decide to acquire Shari Redstone's National Amusements, which is the controlling shareholder of Paramount Global By Jenny Priestley P...
15/05/2024
Presteigne Broadcast Hire enters administration
The company appointed administrators yesterday (May 14th) By Jenny Priestley Published: May 15, 2024 The company appointed administrators yesterday (May 1...
15/05/2024
Matrox Video Demos at InfoComm 2024 Will Showcase New AVo...
Technology innovator Matrox Video today announced that the company will highlight its leading AV-over-IP (AVoIP) technologies including the brand-new, next-g...
15/05/2024
RMi Amplifies Connectivity and Clarity at Major 2024 Musi...
Riedel Communications today announced its pivotal role in bringing unparalleled audio clarity and connectivity to one of the U.S.'s biggest 2024 music and a...
15/05/2024
Chyron Unveils Significant Updates to Chyron LIVE Cloud P...
Chyron today released a series of significant updates to its Chyron LIVE cloud-native live production platform that were demonstrated at the 2024 NAB Show in La...
15/05/2024
VisualOn to Showcase Revolutionary Optimizer Content-Awar...
VisualOn, a leader in video software technology, is set to unveil its groundbreaking Optimizer suite at Broadcast Asia 2024. The unveiling will take place in th...
15/05/2024
StreamVue announce exclusive parnership with DigiBox
StreamVue, one of the global leaders in IPTV and digital signage solutions is excited to announce an exclusive distribution partnership with DigiBox, one of the...
15/05/2024
Vega Project Uses Blackmagic Design Workflow for XR Studio in Hilton Tokyo
Vega Project Uses Blackmagic Design Workflow for XR Studio in Hilton Tokyo Brie Clayton May 14, 2024 0 Comments Blackmagic Design announced today that...
15/05/2024
Chaos Releases V-Ray 6 Benchmark
Chaos Releases V-Ray 6 Benchmark Brie Clayton May 14, 2024 0 Comments Popular Rendering Benchmark Brings Back CPU/GPU Stats in a Minute; New Benchmark...