FISCAL 2023 THIRD QUARTER KEY FINANCIAL
HIGHLIGHTS
- Revenues in the quarter were $2.45 billion, a 2% decrease
compared to $2.49 billion in the prior year, reflecting a $98
million, or 4%, negative impact from foreign currency fluctuations.
Adjusted Revenues were flat
- Net income in the quarter was $59 million compared to $104
million in the prior year
- Total Segment EBITDA in the quarter was $320 million
compared to $358 million in the prior year
- In the quarter, reported EPS were $0.09 compared to $0.14 in
the prior year – Adjusted EPS were $0.09 compared to $0.16 in the
prior year
- At the Dow Jones segment, revenues from its professional
information business grew 38% from the prior year, reflecting the
OPIS and CMA acquisitions and continued double-digit revenue growth
at Risk and Compliance. Total subscriptions to its consumer
products crossed 5.1 million
- Foxtel Group exceeded 3 million total streaming subscribers
and achieved the lowest broadcast churn since Fiscal 2016
- Advertising trends at the News Media segment improved
sequentially, as advertising revenues for the quarter declined 5%
but increased 2% on a constant currency basis from the prior
year
- HarperCollins saw improved trends from the first half with
revenues flat in the quarter compared to the prior year period.
Adjusted revenues were up 2%
- The Company now expects to achieve at least $160 million in
annualized savings from the previously announced headcount
reductions, up from the prior estimate
News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS,
NWSA; ASX: NWS, NWSLV) today reported financial results for the
three months ended March 31, 2023.
Commenting on the results, Chief Executive Robert Thomson
said:
“These results demonstrate the fundamental differences in the
character of News Corp compared with other media companies. In a
period in which advertising was clearly insipid in certain parts of
the world, our core non-advertising revenue has been particularly
robust, highlighted by a 38 percent increase in revenues at the Dow
Jones professional information business.
Overall, our fiscal third quarter results demonstrated
meaningful progress compared to the first half, with various macro
and sectoral trends decidedly more positive. Revenues were over
$2.4 billion, down only 2 percent from the prior year, but higher
in constant currency, while our company-wide cost cutting program
began to gain traction.
That cost reduction drive includes taking the difficult but
necessary step of reducing headcount by an expected five percent,
and we now anticipate that program will yield at least $160 million
in annualized savings by the end of this calendar year.
We also want to highlight that today marks the 44th day in
captivity for Wall Street Journal reporter Evan Gershkovich, who
has been wrongfully, wilfully detained in Russia. We trust that
justice and common sense will prevail, and that Evan will soon be
released.”
THIRD QUARTER RESULTS
The Company reported fiscal 2023 third quarter total revenues of
$2.45 billion, a 2% decrease compared to $2.49 billion in the prior
year period. The decline was primarily due to a $98 million, or 4%,
negative impact from foreign currency fluctuations and lower
revenues at the Digital Real Estate Services segment due to
continued challenging housing market conditions in the U.S. and
Australia. The decline was partially offset by higher Dow Jones
segment revenues, which includes the acquisitions of OPIS and
Chemical Market Analytics (“CMA”), and higher revenues at the News
Media and Subscription Video Services segments on a constant
currency basis. Adjusted Revenues (which excludes the foreign
currency impact, acquisitions and divestitures as defined in Note
2) were flat compared to the prior year.
Net income for the quarter was $59 million, a 43% decline
compared to $104 million in the prior year, primarily due to lower
Total Segment EBITDA, as discussed below, higher depreciation and
amortization expense and higher losses from equity affiliates,
partially offset by lower impairment charges.
The Company reported third quarter Total Segment EBITDA of $320
million, an 11% decline compared to $358 million in the prior year,
primarily due to lower revenues, as discussed above, higher costs
at the Dow Jones segment, and a $13 million, or 4%, negative impact
from foreign currency fluctuations. The results this quarter also
include $7 million of costs related to the professional fees
incurred by the Special Committee and the Company in connection
with evaluating the proposal from the Murdoch Family Trust, as well
as the fees related to the potential sale of Move. Adjusted Total
Segment EBITDA (as defined in Note 2) decreased 15%.
Net income per share attributable to News Corporation
stockholders was $0.09 as compared to $0.14 in the prior year.
Adjusted EPS (as defined in Note 3) were $0.09 compared to $0.16
in the prior year.
SEGMENT REVIEW
For the three months ended March
31,
For the nine months ended March
31,
2023
2022
% Change
2023
2022
% Change
(in millions)
Better/
(Worse)
(in millions)
Better/
(Worse)
Revenues:
Digital Real Estate Services
$
363
$
416
(13
)%
$
1,170
$
1,298
(10
)%
Subscription Video Services
477
494
(3
)%
1,441
1,502
(4
)%
Dow Jones
529
487
9
%
1,607
1,439
12
%
Book Publishing
515
515
—
%
1,533
1,678
(9
)%
News Media
563
580
(3
)%
1,695
1,794
(6
)%
Other
—
—
—
%
—
—
—
%
Total Revenues
$
2,447
$
2,492
(2
)%
$
7,446
$
7,711
(3
)%
Segment EBITDA:
Digital Real Estate Services
$
102
$
137
(26
)%
$
349
$
453
(23
)%
Subscription Video Services
68
79
(14
)%
269
279
(4
)%
Dow Jones
109
88
24
%
361
327
10
%
Book Publishing
61
67
(9
)%
151
259
(42
)%
News Media
34
39
(13
)%
111
184
(40
)%
Other
(54
)
(52
)
(4
)%
(162
)
(148
)
(9
)%
Total Segment EBITDA
$
320
$
358
(11
)%
$
1,079
$
1,354
(20
)%
Digital Real Estate Services
Revenues in the quarter decreased $53 million, or 13%, compared
to the prior year, reflecting a $13 million, or 3%, negative impact
from foreign currency fluctuations. Segment EBITDA in the quarter
decreased $35 million, or 26%, compared to the prior year,
primarily due to the lower revenues, a $5 million, or 4%, negative
impact from foreign currency fluctuations and higher costs related
to REA India, partially offset by lower costs at Move. Adjusted
Revenues and Adjusted Segment EBITDA (as defined in Note 2)
decreased 10% and 24%, respectively.
In the quarter, revenues at REA Group decreased $24 million, or
10%, to $222 million, driven by a $13 million, or 6%, negative
impact from foreign currency fluctuations, lower Australian
residential revenues due to the decline in national listings, most
notably in Sydney and Melbourne, and lower financial services
revenues due to declines in settlement activity. The decline was
partially offset by price increases, increased penetration of
Premiere Plus, increased depth penetration in the Australian
residential business and higher revenues from REA India. Australian
national residential buy listing volumes in the quarter declined
12% compared to the prior year, with listings in Sydney and
Melbourne down 20% and 18%, respectively.
Move’s revenues in the quarter decreased $29 million, or 17%, to
$141 million, primarily as a result of lower real estate revenues.
Real estate revenues, which represented 79% of total Move revenues,
decreased $33 million, or 23%, driven by the continued impact of
the macroeconomic environment on the housing market, including
higher household interest rates, which has led to lower lead and
transaction volumes. Revenues from the referral model, which
includes the ReadyConnect Concierge℠ product, and the traditional
lead generation product decreased due to these factors, partially
offset by improved lead optimization. The referral model generated
23% of total Move revenues in the quarter compared to 28% in the
prior year. Based on Move’s internal data, average monthly unique
users of Realtor.com®’s web and mobile sites for the fiscal third
quarter declined 24% year-over-year to 72 million. Lead volume
declined 30%.
Subscription Video Services
Revenues of $477 million in the quarter decreased $17 million,
or 3%, compared with the prior year, due to a $28 million, or 5%,
negative impact from foreign currency fluctuations. Adjusted
Revenues of $505 million increased 2% compared to the prior year.
Higher revenues from Kayo and BINGE, driven by increases in both
volume and pricing, were partially offset by the impact from fewer
residential broadcast subscribers. Foxtel Group streaming
subscription revenues represented approximately 26% of total
circulation and subscription revenues in the quarter, as compared
to 20% in the prior year.
As of March 31, 2023, Foxtel’s total closing paid subscribers
were over 4.5 million, a 6% increase compared to the prior year,
primarily due to the growth in streaming subscribers driven by
BINGE and Kayo, partially offset by lower residential broadcast and
commercial subscribers. Broadcast subscriber churn in the quarter
improved to 12.3%, the lowest level since Fiscal 2016, from 14.3%
in the prior year. Broadcast ARPU for the quarter increased 2%
year-over-year to A$84 (US$57).
As of March 31,
2023
2022
(in 000's)
Broadcast Subscribers
Residential
1,369
1,522
Commercial
233
240
Streaming Subscribers (Total (Paid))
Kayo
1,332 (1,309 paid)
1,209 (1,151 paid)
BINGE
1,529 (1,484 paid)
1,305 (1,212 paid)
Foxtel Now
178 (171 paid)
215 (206 paid)
Total Subscribers (Total (Paid))
4,662 (4,585 paid)
4,509 (4,338 paid)
Segment EBITDA in the quarter decreased $11 million, or 14%,
compared with the prior year, reflecting a $4 million, or 5%,
negative impact from foreign currency fluctuations. The decline was
primarily due to higher sports programming rights costs, driven
mainly by contractual increases across AFL, NRL and Cricket
Australia, partially offset by lower marketing spend for Kayo and
BINGE and lower transmission costs. Adjusted Segment EBITDA
decreased 9%.
Dow Jones
Revenues in the quarter increased $42 million, or 9%, compared
to the prior year, which includes $27 million and $19 million
contributions from the acquisitions of OPIS and CMA, respectively.
Adjusted Revenues at the Dow Jones segment were flat compared to
the prior year, as the growth in circulation and subscription
revenues from continued growth in Risk & Compliance products
and digital subscription gains was offset by lower advertising
revenues. Digital revenues at Dow Jones in the quarter represented
79% of total revenues compared to 76% in the prior year.
Circulation and subscription revenues increased $49 million, or
13%, which includes the contributions from the acquisitions of OPIS
and CMA. Circulation revenue declined 1%, primarily due to lower
print volume and lower revenues from IBD, partially offset by the
continued growth in digital-only subscriptions, primarily at The
Wall Street Journal. Professional information business revenues
grew 38%, primarily driven by the acquisitions of OPIS and CMA and
growth in Risk & Compliance products. Revenues from the Risk
& Compliance products grew 16%, which includes a 3% negative
impact from foreign currency fluctuations. Digital circulation
revenues accounted for 69% of circulation revenues for the quarter,
compared to 68% in the prior year.
During the third quarter, total average subscriptions to Dow
Jones’ consumer products reached over 5.1 million, a 6% increase
compared to the prior year. Digital-only subscriptions to Dow
Jones’ consumer products grew 10%. Total subscriptions to The Wall
Street Journal grew 5% compared to the prior year, to nearly 3.9
million average subscriptions in the quarter. Digital-only
subscriptions to The Wall Street Journal grew 9% to 3.3 million
average subscriptions in the quarter, and represented 85% of total
Wall Street Journal subscriptions.
For the three months ended
March 31,
2023
2022
% Change
(in thousands, except %)
Better/(Worse)
The Wall Street Journal
Digital-only subscriptions
3,299
3,036
9 %
Total subscriptions
3,888
3,718
5 %
Barron’s Group
Digital-only subscriptions
969
810
20 %
Total subscriptions
1,128
1,008
12 %
Total Consumer
Digital-only subscriptions
4,347
3,941
10 %
Total subscriptions
5,117
4,848
6 %
Advertising revenues decreased $14 million, or 14%, primarily
due to 17% and 8% declines in digital and print advertising
revenues, respectively, driven primarily by continued weakness in
the technology and finance categories. Digital advertising
accounted for 59% of total advertising revenues in the quarter,
compared to 62% in the prior year.
Segment EBITDA for the quarter increased $21 million, or 24%,
which includes a $17 million combined contribution from the
acquisitions of OPIS and CMA. The growth reflects the higher
revenues discussed above and the absence of $15 million in
transaction costs related to the acquisition of OPIS in the prior
year, partially offset by $21 million of higher employee costs due
to the acquisitions of OPIS and CMA and $6 million of higher
marketing costs, partly due to the increase in the number of
in-person conferences and events. Adjusted Segment EBITDA decreased
11%.
Book Publishing
Revenues in the quarter were flat with the prior year, as higher
sales in Christian books were offset by the $11 million, or 2%,
negative impact from foreign currency fluctuations. Key titles in
the quarter included The Courage to Be Free by Ron DeSantis, Demon
Copperhead by Barbara Kingsolver and Never, Never by Colleen Hoover
and Tarryn Fisher. Adjusted Revenues increased 2%. Digital sales
declined 3% compared to the prior year due to lower e-book sales.
Digital sales represented 23% of Consumer revenues for the quarter
and were in-line with the prior year. Backlist sales represented
approximately 60% of total revenues in the quarter.
Segment EBITDA for the quarter decreased $6 million, or 9%,
compared to the prior year, driven by ongoing supply chain,
inventory and inflationary pressures on manufacturing, freight and
distribution costs. The decline was partially offset by lower
employee costs. These pressures are expected to continue to impact
the business in the near term. Adjusted Segment EBITDA decreased
7%.
News Media
Revenues in the quarter decreased $17 million, or 3%, as
compared to the prior year, driven by a $42 million, or 7%,
negative impact from foreign currency fluctuations, partially
offset by higher circulation and subscription and advertising
revenues in constant currency. Within the segment, revenues at News
Corp Australia and News UK decreased 5% and 4%, respectively, as
both were impacted by negative foreign currency fluctuations. On a
constant currency basis, revenues at News Corp Australia and News
UK increased 1% and 6%, respectively. Adjusted Revenues for the
segment increased 4% compared to the prior year.
Circulation and subscription revenues decreased $11 million, or
4%, compared to the prior year, primarily due to a $21 million, or
8%, negative impact from foreign currency fluctuations and lower
print volume. The decline was partially offset by cover price
increases and digital subscriber growth.
Advertising revenues decreased $11 million, or 5%, compared to
the prior year, primarily due to a $15 million, or 7%, negative
impact from foreign currency fluctuations, lower digital
advertising at News Corp Australia, and lower print advertising at
News UK. The decline was partially offset by growth in digital
advertising at News UK and higher print advertising at News Corp
Australia.
In the quarter, Segment EBITDA decreased $5 million, or 13%,
compared to the prior year, driven by lower revenues, as discussed
above, and reflects a $4 million, or 10%, negative impact from
foreign currency fluctuations. The decline was also due to a $14
million negative impact from higher newsprint prices and
approximately $13 million of higher costs related to TalkTV and
other digital investments, primarily at News Corp Australia. The
Segment EBITDA decline was partially offset by cost saving
initiatives. Newsprint, production and distribution costs are
expected to be higher in fiscal 2023 than the prior year due to
supply chain and inflationary pressures, partially offset by the
Company’s continued transition to digital products. Adjusted
Segment EBITDA decreased 5%.
Digital revenues represented 36% of News Media segment revenues
in the quarter, compared to 35% in the prior year, and represented
34% of the combined revenues of the newspaper mastheads. Digital
subscribers and users across key properties within the News Media
segment are summarized below:
- Closing digital subscribers at News Corp Australia as of March
31, 2023 were 1,043,000 (937,000 for news mastheads), compared to
946,000 (876,000 for news mastheads) in the prior year (Source:
Internal data)
- The Times and Sunday Times closing digital subscribers,
including the Times Literary Supplement, as of March 31, 2023 were
494,000, compared to 421,000 in the prior year (Source: Internal
data)
- The Sun’s digital offering reached 199 million global monthly
unique users in March 2023, compared to 171 million in the prior
year (Source: Google Analytics)
- New York Post’s digital network reached 147 million unique
users in March 2023, compared to 155 million in the prior year
(Source: Google Analytics)
CASH FLOW
The following table presents a reconciliation of net cash
provided by operating activities to free cash flow and free cash
flow available to News Corporation:
For the nine months ended March
31,
2023
2022
(in millions)
Net cash provided by operating
activities
$
670
$
1,030
Less: Capital expenditures
(350
)
(315
)
Free cash flow
320
715
Less: REA Group free cash flow
(153
)
(184
)
Plus: Cash dividends received from REA
Group
91
87
Free cash flow available to News
Corporation
$
258
$
618
Net cash provided by operating activities of $670 million for
the nine months ended March 31, 2023 was $360 million lower than
$1,030 million in the prior year, primarily due to lower Total
Segment EBITDA, as noted above, and higher working capital,
partially offset by lower restructuring and tax payments.
Free cash flow in the nine months ended March 31, 2023 was $320
million compared to $715 million in the prior year. Free cash flow
available to News Corporation in the nine months ended March 31,
2023 was $258 million compared to $618 million in the prior year
period. The decrease in both free cash flow and free cash flow
available to News Corporation was primarily due to lower cash
provided by operating activities, as mentioned above, and higher
capital expenditures. Foxtel’s capital expenditures for the nine
months ended March 31, 2023 were $118 million compared to $125
million in the prior year.
Free cash flow and free cash flow available to News Corporation
are non-GAAP financial measures. Free cash flow is defined as net
cash provided by operating activities, less capital expenditures,
and free cash flow available to News Corporation is defined as free
cash flow, less REA Group free cash flow, plus cash dividends
received from REA Group.
The Company believes free cash flow provides useful information
to management and investors about the Company’s liquidity and cash
flow trends. The Company believes free cash flow available to News
Corporation, which adjusts free cash flow to exclude REA Group’s
free cash flow and include dividends received from REA Group,
provides management and investors with a measure of the amount of
cash flow that is readily available to the Company, as REA Group is
a separately listed public company in Australia and must declare a
dividend in order for the Company to have access to its share of
REA Group’s cash balance. The Company believes free cash flow
available to News Corporation provides a more conservative view of
the Company’s free cash flow because this presentation includes
only that amount of cash the Company actually receives from REA
Group, which has generally been lower than the Company’s unadjusted
free cash flow. A limitation of both free cash flow and free cash
flow available to News Corporation is that they do not represent
the total increase or decrease in the cash balance for the period.
Management compensates for the limitation of free cash flow and
free cash flow available to News Corporation by also relying on the
net change in cash and cash equivalents as presented in the
Company’s consolidated statements of cash flows prepared in
accordance with GAAP which incorporates all cash movements during
the period.
COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION
Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment
EBITDA, Adjusted Segment EBITDA, adjusted net income attributable
to News Corporation stockholders, Adjusted EPS, constant currency
revenues, free cash flow and free cash flow available to News
Corporation are non-GAAP financial measures contained in this
earnings release. The Company believes these measures are important
tools for investors and analysts to use in assessing the Company’s
underlying business performance and to provide for more meaningful
comparisons of the Company’s operating performance between periods.
These measures also allow investors and analysts to view the
Company’s business from the same perspective as Company management.
These non-GAAP measures may be different than similar measures used
by other companies and should be considered in addition to, not as
a substitute for, measures of financial performance calculated in
accordance with GAAP. Reconciliations for the differences between
non-GAAP measures used in this earnings release and comparable
financial measures calculated in accordance with U.S. GAAP are
included in Notes 1, 2, 3 and 4 and the reconciliation of net cash
provided by operating activities to free cash flow and free cash
flow available to News Corporation is included above.
Conference call
News Corporation’s earnings conference call can be heard live at
5:00 p.m. EDT on May 11, 2023. To listen to the call, please visit
http://investors.newscorp.com.
Cautionary Statement Concerning Forward-Looking
Statements
This document contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include, but are not
limited to, statements regarding trends and uncertainties affecting
the Company’s business, results of operations and financial
condition, the Company’s strategy and strategic initiatives,
including potential acquisitions, investments and dispositions, the
Company’s cost savings initiatives, including announced headcount
reductions, and the outcome of contingencies such as litigation and
investigations. These statements are based on management’s views
and assumptions regarding future events and business performance as
of the time the statements are made. Actual results may differ
materially from these expectations due to the risks, uncertainties
and other factors described in the Company’s filings with the
Securities and Exchange Commission. More detailed information about
factors that could affect future results is contained in our
filings with the Securities and Exchange Commission. The
“forward-looking statements” included in this document are made
only as of the date of this document and we do not have and do not
undertake any obligation to publicly update any “forward-looking
statements” to reflect subsequent events or circumstances, and we
expressly disclaim any such obligation, except as required by law
or regulation.
About News Corporation
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 services. The company comprises businesses
across a range of media, including: digital real estate services,
subscription video services in Australia, news and information
services and book publishing. Headquartered in New York, News Corp
operates primarily in the United States, Australia, and the United
Kingdom, and its content and other products and services are
distributed and consumed worldwide. More information is available
at: www.newscorp.com.
NEWS CORPORATION
CONSOLIDATED STATEMENTS
OF OPERATIONS
(Unaudited; in millions,
except per share amounts)
For the three months ended March
31,
For the nine months ended March
31,
2023
2022
2023
2022
Revenues:
Circulation and subscription
$
1,122
$
1,099
$
3,318
$
3,248
Advertising
393
418
1,263
1,342
Consumer
495
497
1,474
1,615
Real estate
272
316
896
988
Other
165
162
495
518
Total Revenues
2,447
2,492
7,446
7,711
Operating expenses
(1,286
)
(1,246
)
(3,853
)
(3,769
)
Selling, general and administrative
(841
)
(888
)
(2,514
)
(2,588
)
Depreciation and amortization
(183
)
(172
)
(536
)
(505
)
Impairment and restructuring charges
(25
)
(37
)
(65
)
(82
)
Equity losses of affiliates
(10
)
(4
)
(43
)
(10
)
Interest expense, net
(25
)
(25
)
(78
)
(68
)
Other, net
14
13
(10
)
143
Income before income tax expense
91
133
347
832
Income tax expense
(32
)
(29
)
(128
)
(199
)
Net income
59
104
219
633
Less: Net income attributable to
noncontrolling interests
(9
)
(22
)
(62
)
(120
)
Net income attributable to News
Corporation stockholders
$
50
$
82
$
157
$
513
Weighted average shares outstanding:
Basic
575
589
578
591
Diluted
578
592
580
594
Net income attributable to News
Corporation stockholders per share:
Basic
$
0.09
$
0.14
$
0.27
$
0.87
Diluted
$
0.09
$
0.14
$
0.27
$
0.86
NEWS CORPORATION
CONSOLIDATED BALANCE
SHEETS
(Unaudited; in
millions)
As of March 31, 2023
As of June 30, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
1,659
$
1,822
Receivables, net
1,540
1,502
Inventory, net
356
311
Other current assets
477
458
Total current assets
4,032
4,093
Non-current assets:
Investments
506
488
Property, plant and equipment, net
2,017
2,103
Operating lease right-of-use assets
1,022
891
Intangible assets, net
2,542
2,671
Goodwill
5,136
5,169
Deferred income tax assets
368
422
Other non-current assets
1,411
1,384
Total assets
$
17,034
$
17,221
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
407
$
411
Accrued expenses
1,164
1,236
Deferred revenue
623
604
Current borrowings
27
293
Other current liabilities
983
975
Total current liabilities
3,204
3,519
Non-current liabilities:
Borrowings
2,960
2,776
Retirement benefit obligations
156
155
Deferred income tax liabilities
172
198
Operating lease liabilities
1,093
947
Other non-current liabilities
465
483
Commitments and contingencies
Equity:
Class A common stock
4
4
Class B common stock
2
2
Additional paid-in capital
11,486
11,779
Accumulated deficit
(2,136
)
(2,293
)
Accumulated other comprehensive loss
(1,279
)
(1,270
)
Total News Corporation stockholders'
equity
8,077
8,222
Noncontrolling interests
907
921
Total equity
8,984
9,143
Total liabilities and equity
$
17,034
$
17,221
NEWS CORPORATION
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited; in
millions)
For the nine months ended March
31,
2023
2022
Operating activities:
Net income
$
219
$
633
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
536
505
Operating lease expense
82
95
Equity losses of affiliates
43
10
Cash distributions received from
affiliates
7
20
Impairment charges
—
15
Other, net
10
(143
)
Deferred income taxes and taxes
payable
27
69
Change in operating assets and
liabilities, net of acquisitions:
Receivables and other assets
(236
)
(62
)
Inventories, net
(55
)
(82
)
Accounts payable and other liabilities
37
(30
)
Net cash provided by operating
activities
670
1,030
Investing activities:
Capital expenditures
(350
)
(315
)
Acquisitions, net of cash acquired
(15
)
(1,167
)
Investments in equity affiliates and
other
(105
)
(99
)
Proceeds from property, plant and
equipment and other asset dispositions
51
(2
)
Other, net
(21
)
29
Net cash used in investing activities
(440
)
(1,554
)
Financing activities:
Borrowings
434
1,157
Repayment of borrowings
(506
)
(662
)
Repurchase of shares
(196
)
(125
)
Dividends paid
(116
)
(114
)
Other, net
2
(82
)
Net cash (used in) provided by financing
activities
(382
)
174
Net change in cash and cash
equivalents
(152
)
(350
)
Cash and cash equivalents, beginning of
period
1,822
2,236
Exchange movement on opening cash
balance
(11
)
(21
)
Cash and cash equivalents, end of
period
$
1,659
$
1,865
NOTE 1 – TOTAL SEGMENT EBITDA
Segment EBITDA is defined as revenues less operating expenses
and selling, general and administrative expenses. Segment EBITDA
does not include: depreciation and amortization, impairment and
restructuring charges, equity losses of affiliates, interest
(expense) income, net, other, net and income tax (expense) benefit.
Management believes that Segment EBITDA is an appropriate measure
for evaluating the operating performance of the Company’s business
segments because it is the primary measure used by the Company’s
chief operating decision maker to evaluate the performance of and
allocate resources within the Company’s businesses. Segment EBITDA
provides management, investors and equity analysts with a measure
to analyze the operating performance of each of the Company’s
business segments and its enterprise value against historical data
and competitors’ data, although historical results may not be
indicative of future results (as operating performance is highly
contingent on many factors, including customer tastes and
preferences).
Total Segment EBITDA is a non-GAAP measure and should be
considered in addition to, not as a substitute for, net income
(loss), cash flow and other measures of financial performance
reported in accordance with GAAP. In addition, this measure does
not reflect cash available to fund requirements and excludes items,
such as depreciation and amortization and impairment and
restructuring charges, which are significant components in
assessing the Company’s financial performance. The Company believes
that the presentation of Total Segment EBITDA provides useful
information regarding the Company’s operations and other factors
that affect the Company’s reported results. Specifically, the
Company believes that by excluding certain one-time or non-cash
items such as impairment and restructuring charges and depreciation
and amortization, as well as potential distortions between periods
caused by factors such as financing and capital structures and
changes in tax positions or regimes, the Company provides users of
its consolidated financial statements with insight into both its
core operations as well as the factors that affect reported results
between periods but which the Company believes are not
representative of its core business. As a result, users of the
Company’s consolidated financial statements are better able to
evaluate changes in the core operating results of the Company
across different periods. The following tables reconcile net income
to Total Segment EBITDA for the three and nine months ended March
31, 2023 and 2022:
For the three months ended March
31,
2023
2022
Change
% Change
(in millions)
Net income
$
59
$
104
$
(45
)
(43
)%
Add:
Income tax expense
32
29
3
10
%
Other, net
(14
)
(13
)
(1
)
(8
)%
Interest expense, net
25
25
—
—
%
Equity losses of affiliates
10
4
6
**
Impairment and restructuring charges
25
37
(12
)
(32
)%
Depreciation and amortization
183
172
11
6
%
Total Segment EBITDA
$
320
$
358
$
(38
)
(11
)%
** - Not meaningful
For the nine months ended March
31,
2023
2022
Change
% Change
(in millions)
Net income
$
219
$
633
$
(414
)
(65
)%
Add:
Income tax expense
128
199
(71
)
(36
)%
Other, net
10
(143
)
153
**
Interest expense, net
78
68
10
15
%
Equity losses of affiliates
43
10
33
**
Impairment and restructuring charges
65
82
(17
)
(21
)%
Depreciation and amortization
536
505
31
6
%
Total Segment EBITDA
$
1,079
$
1,354
$
(275
)
(20
)%
** - Not meaningful
NOTE 2 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND
ADJUSTED SEGMENT EBITDA
The Company uses revenues, Total Segment EBITDA and Segment
EBITDA excluding the impact of acquisitions, divestitures, fees and
costs, net of indemnification, related to the claims and
investigations arising out of certain conduct at The News of the
World (the “U.K. Newspaper Matters”), charges for other
significant, non-ordinary course legal or regulatory matters
(“litigation charges”) and foreign currency fluctuations (“Adjusted
Revenues,” “Adjusted Total Segment EBITDA” and “Adjusted Segment
EBITDA,” respectively) to evaluate the performance of the Company’s
core business operations exclusive of certain items that impact the
comparability of results from period to period such as the
unpredictability and volatility of currency fluctuations. The
Company calculates the impact of foreign currency fluctuations for
businesses reporting in currencies other than the U.S. dollar by
multiplying the results for each quarter in the current period by
the difference between the average exchange rate for that quarter
and the average exchange rate in effect during the corresponding
quarter of the prior year and totaling the impact for all quarters
in the current period.
The calculation of Adjusted Revenues, Adjusted Total Segment
EBITDA and Adjusted Segment EBITDA may not be comparable to
similarly titled measures reported by other companies, since
companies and investors may differ as to what type of events
warrant adjustment. Adjusted Revenues, Adjusted Total Segment
EBITDA and Adjusted Segment EBITDA are not measures of performance
under generally accepted accounting principles and should not be
construed as substitutes for amounts determined under GAAP as
measures of performance. However, management uses these measures in
comparing the Company’s historical performance and believes that
they provide meaningful and comparable information to investors to
assist in their analysis of our performance relative to prior
periods and our competitors.
The following tables reconcile reported revenues and reported
Total Segment EBITDA to Adjusted Revenues and Adjusted Total
Segment EBITDA for the three and nine months ended March 31, 2023
and 2022:
Revenues
Total Segment EBITDA
For the three months ended March
31,
For the three months ended March
31,
2023
2022
Difference
2023
2022
Difference
(in millions)
(in millions)
As reported
$
2,447
$
2,492
$
(45
)
$
320
$
358
$
(38
)
Impact of acquisitions
(51
)
—
(51
)
(16
)
15
(31
)
Impact of divestitures
—
—
—
—
—
—
Impact of foreign currency
fluctuations
98
—
98
13
—
13
Net impact of U.K. Newspaper Matters
—
—
—
4
3
1
As adjusted
$
2,494
$
2,492
$
2
$
321
$
376
$
(55
)
Revenues
Total Segment EBITDA
For the nine months ended March
31,
For the nine months ended March
31,
2023
2022
Difference
2023
2022
Difference
(in millions)
(in millions)
As reported
$
7,446
$
7,711
$
(265
)
$
1,079
$
1,354
$
(275
)
Impact of acquisitions
(177
)
—
(177
)
(47
)
15
(62
)
Impact of divestitures
—
(1
)
1
—
5
(5
)
Impact of foreign currency
fluctuations
422
—
422
66
—
66
Net impact of U.K. Newspaper Matters
—
—
—
13
9
4
As adjusted
$
7,691
$
7,710
$
(19
)
$
1,111
$
1,383
$
(272
)
Foreign Exchange Rates
Average foreign exchange rates used in the calculation of the
impact of foreign currency fluctuations for each of the three month
periods during the nine months ended March 31, 2023 and 2022 are as
follows:
Fiscal Year 2023
Q1
Q2
Q3
U.S. Dollar per Australian Dollar
$0.68
$0.66
$0.68
U.S. Dollar per British Pound Sterling
$1.17
$1.17
$1.22
Fiscal Year 2022
Q1
Q2
Q3
U.S. Dollar per Australian Dollar
$0.74
$0.73
$0.72
U.S. Dollar per British Pound Sterling
$1.38
$1.35
$1.34
Adjusted Revenues and Adjusted Segment EBITDA by segment for the
three and nine months ended March 31, 2023 and 2022 are as
follows:
For the three months ended March
31,
2023
2022
% Change
(in millions)
Better/(Worse)
Adjusted Revenues:
Digital Real Estate Services
$
374
$
416
(10
)%
Subscription Video Services
505
494
2
%
Dow Jones
487
487
—
%
Book Publishing
524
515
2
%
News Media
604
580
4
%
Other
—
—
—
%
Adjusted Total Revenues
$
2,494
$
2,492
—
%
Adjusted Segment EBITDA:
Digital Real Estate Services
$
104
$
137
(24
)%
Subscription Video Services
72
79
(9
)%
Dow Jones
92
103
(11
)%
Book Publishing
62
67
(7
)%
News Media
37
39
(5
)%
Other
(46
)
(49
)
6
%
Adjusted Total Segment EBITDA
$
321
$
376
(15
)%
For the nine months ended March
31,
2023
2022
% Change
(in millions)
Better/(Worse)
Adjusted Revenues:
Digital Real Estate Services
$
1,220
$
1,297
(6
)%
Subscription Video Services
1,561
1,502
4
%
Dow Jones
1,474
1,439
2
%
Book Publishing
1,580
1,678
(6
)%
News Media
1,856
1,794
3
%
Other
—
—
—
%
Adjusted Total Revenues
$
7,691
$
7,710
—
%
Adjusted Segment EBITDA:
Digital Real Estate Services
$
376
$
458
(18
)%
Subscription Video Services
292
279
5
%
Dow Jones
307
342
(10
)%
Book Publishing
156
259
(40
)%
News Media
119
184
(35
)%
Other
(139
)
(139
)
—
%
Adjusted Total Segment EBITDA
$
1,111
$
1,383
(20
)%
The following tables reconcile reported revenues and Segment
EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA
by segment for the three and nine months ended March 31, 2023 and
2022:
For the three months ended March
31, 2023
As Reported
Impact of Acquisitions
Impact of Divestitures
Impact of Foreign Currency
Fluctuations
Net Impact of U.K. Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Digital Real Estate Services
$
363
$
(2
)
$
—
$
13
$
—
$
374
Subscription Video Services
477
—
—
28
—
505
Dow Jones
529
(46
)
—
4
—
487
Book Publishing
515
(2
)
—
11
—
524
News Media
563
(1
)
—
42
—
604
Other
—
—
—
—
—
—
Total Revenues
$
2,447
$
(51
)
$
—
$
98
$
—
$
2,494
Segment EBITDA:
Digital Real Estate Services
$
102
$
(3
)
$
—
$
5
$
—
$
104
Subscription Video Services
68
—
—
4
—
72
Dow Jones
109
(17
)
—
—
—
92
Book Publishing
61
1
—
—
—
62
News Media
34
(1
)
—
4
—
37
Other
(54
)
4
—
—
4
(46
)
Total Segment EBITDA
$
320
$
(16
)
$
—
$
13
$
4
$
321
For the nine months ended March
31, 2023
As Reported
Impact of Acquisitions
Impact of Divestitures
Impact of Foreign Currency
Fluctuations
Net Impact of U.K. Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Digital Real Estate Services
$
1,170
$
(9
)
$
—
$
59
$
—
$
1,220
Subscription Video Services
1,441
—
—
120
—
1,561
Dow Jones
1,607
(152
)
—
19
—
1,474
Book Publishing
1,533
(8
)
—
55
—
1,580
News Media
1,695
(8
)
—
169
—
1,856
Other
—
—
—
—
—
—
Total Revenues
$
7,446
$
(177
)
$
—
$
422
$
—
$
7,691
Segment EBITDA:
Digital Real Estate Services
$
349
$
—
$
—
$
27
$
—
$
376
Subscription Video Services
269
—
—
23
—
292
Dow Jones
361
(54
)
—
—
—
307
Book Publishing
151
—
—
5
—
156
News Media
111
(3
)
—
11
—
119
Other
(162
)
10
—
—
13
(139
)
Total Segment EBITDA
$
1,079
$
(47
)
$
—
$
66
$
13
$
1,111
For the three months ended March
31, 2022
As Reported
Impact of Acquisitions
Impact of Divestitures
Impact of Foreign Currency
Fluctuations
Net Impact of U.K. Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Digital Real Estate Services
$
416
$
—
$
—
$
—
$
—
$
416
Subscription Video Services
494
—
—
—
—
494
Dow Jones
487
—
—
—
—
487
Book Publishing
515
—
—
—
—
515
News Media
580
—
—
—
—
580
Other
—
—
—
—
—
—
Total Revenues
$
2,492
$
—
$
—
$
—
$
—
$
2,492
Segment EBITDA:
Digital Real Estate Services
$
137
$
—
$
—
$
—
$
—
$
137
Subscription Video Services
79
—
—
—
—
79
Dow Jones
88
15
—
—
—
103
Book Publishing
67
—
—
—
—
67
News Media
39
—
—
—
—
39
Other
(52
)
—
—
—
3
(49
)
Total Segment EBITDA
$
358
$
15
$
—
$
—
$
3
$
376
For the nine months ended March
31, 2022
As Reported
Impact of Acquisitions
Impact of Divestitures
Impact of Foreign Currency
Fluctuations
Net Impact of U.K. Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Digital Real Estate Services
$
1,298
$
—
$
(1
)
$
—
$
—
$
1,297
Subscription Video Services
1,502
—
—
—
—
1,502
Dow Jones
1,439
—
—
—
—
1,439
Book Publishing
1,678
—
—
—
—
1,678
News Media
1,794
—
—
—
—
1,794
Other
—
—
—
—
—
—
Total Revenues
$
7,711
$
—
$
(1
)
$
—
$
—
$
7,710
Segment EBITDA:
Digital Real Estate Services
$
453
$
—
$
5
$
—
$
—
$
458
Subscription Video Services
279
—
—
—
—
279
Dow Jones
327
15
—
—
—
342
Book Publishing
259
—
—
—
—
259
News Media
184
—
—
—
—
184
Other
(148
)
—
—
—
9
(139
)
Total Segment EBITDA
$
1,354
$
15
$
5
$
—
$
9
$
1,383
NOTE 3 – ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO NEWS
CORPORATION STOCKHOLDERS AND ADJUSTED EPS
The Company uses net income (loss) attributable to News
Corporation stockholders and diluted earnings per share (“EPS”)
excluding expenses related to U.K. Newspaper Matters, litigation
charges, impairment and restructuring charges and “Other, net”, net
of tax, recognized by the Company or its equity method investees,
as well as the settlement of certain pre-Separation tax matters
(“adjusted net income (loss) attributable to News Corporation
stockholders” and “adjusted EPS,” respectively), to evaluate the
performance of the Company’s operations exclusive of certain items
that impact the comparability of results from period to period, as
well as certain non-operational items. The calculation of adjusted
net income (loss) attributable to News Corporation stockholders and
adjusted EPS may not be comparable to similarly titled measures
reported by other companies, since companies and investors may
differ as to what type of events warrant adjustment. Adjusted net
income (loss) attributable to News Corporation stockholders and
adjusted EPS are not measures of performance under generally
accepted accounting principles and should not be construed as
substitutes for consolidated net income (loss) attributable to News
Corporation stockholders and net income (loss) per share as
determined under GAAP as a measure of performance. However,
management uses these measures in comparing the Company’s
historical performance and believes that they provide meaningful
and comparable information to investors to assist in their analysis
of our performance relative to prior periods and our
competitors.
The following tables reconcile reported net income attributable
to News Corporation stockholders and reported diluted EPS to
adjusted net income attributable to News Corporation stockholders
and adjusted EPS for the three and nine months ended March 31, 2023
and 2022:
For the three months ended March
31, 2023
For the three months ended March
31, 2022
(in millions, except per share data)
Net income attributable to
stockholders
EPS
Net income attributable to
stockholders
EPS
Net income
$
59
$
104
Less: Net income attributable to
noncontrolling interests
(9
)
(22
)
Net income attributable to News
Corporation stockholders
$
50
$
0.09
$
82
$
0.14
U.K. Newspaper Matters
4
0.01
3
0.01
Impairment and restructuring charges
(a)
25
0.04
37
0.05
Other, net
(14
)
(0.03
)
(13
)
(0.02
)
Tax impact on items above
(12
)
(0.02
)
(17
)
(0.03
)
Impact of noncontrolling interest on items
above
—
—
4
0.01
As adjusted
$
53
$
0.09
$
96
$
0.16
(a)
During the three months ended March 31,
2022, the Company recognized a non-cash impairment charge of $15
million related to the write-down of fixed assets associated with
the shutdown and sale of certain U.S. printing facilities at the
Dow Jones segment.
For the nine months ended March
31, 2023
For the nine months ended March
31, 2022
(in millions, except per share data)
Net income attributable to
stockholders
EPS
Net income attributable to
stockholders
EPS
Net income
$
219
$
633
Less: Net income attributable to
noncontrolling interests
(62
)
(120
)
Net income attributable to News
Corporation stockholders
$
157
$
0.27
$
513
$
0.86
U.K. Newspaper Matters
13
0.02
9
0.02
Impairment and restructuring charges
(a)
65
0.11
82
0.14
Equity losses of affiliates (b)
—
—
3
0.01
Other, net
10
0.02
(143
)
(0.24
)
Tax impact on items above
(39
)
(0.07
)
(15
)
(0.03
)
Impact of noncontrolling interest on items
above
(1
)
—
45
0.07
As adjusted
$
205
$
0.35
$
494
$
0.83
(a)
During the nine months ended March 31,
2022, the Company recognized a non-cash impairment charge of $15
million related to the write-down of fixed assets associated with
the shutdown and sale of certain U.S. printing facilities at the
Dow Jones segment.
(b)
During the nine months ended March 31,
2022, the Company recognized a non-cash impairment charge related
to an equity method investment.
NOTE 4 – CONSTANT CURRENCY REVENUES
The Company believes that the presentation of revenues excluding
the impact of foreign currency fluctuations (“constant currency
revenues”) provides useful information regarding the performance of
the Company’s core business operations exclusive of distortions
between periods caused by the unpredictability and volatility of
currency fluctuations. The Company calculates the impact of foreign
currency fluctuations for businesses reporting in currencies other
than the U.S. dollar as described in Note 2.
Constant currency revenues are not measures of performance under
generally accepted accounting principles and should not be
construed as substitutes for revenues as determined under GAAP as
measures of performance. However, management uses these measures in
comparing the Company’s historical performance and believes that
they provide meaningful and comparable information to investors to
assist in their analysis of our performance relative to prior
periods and our competitors.
The following tables reconcile reported revenues to constant
currency revenues for the three and nine months ended March 31,
2023:
Q3 Fiscal 2022
Q3 Fiscal 2023
FX impact
Q3 Fiscal 2023 constant
currency
% Change - reported
% Change - constant currency
($ in millions)
Better/(Worse)
Consolidated results:
Circulation and subscription
$
1,099
$
1,122
$
(50
)
$
1,172
2
%
7
%
Advertising
418
393
(19
)
412
(6
)%
(1
)%
Consumer
497
495
(11
)
506
—
%
2
%
Real estate
316
272
(9
)
281
(14
)%
(11
)%
Other
162
165
(9
)
174
2
%
7
%
Total revenues
$
2,492
$
2,447
$
(98
)
$
2,545
(2
)%
2
%
Digital Real Estate Services:
Circulation and subscription
$
3
$
3
$
—
$
3
—
%
—
%
Advertising
33
35
(1
)
$
36
6
%
9
%
Real estate
316
272
(9
)
$
281
(14
)%
(11
)%
Other
64
53
(3
)
$
56
(17
)%
(13
)%
Total Digital Real Estate Services segment
revenues
$
416
$
363
$
(13
)
$
376
(13
)%
(10
)%
REA Group revenues
$
246
$
222
$
(13
)
$
235
(10
)%
(4
)%
Subscription Video Services:
Circulation and subscription
$
434
$
419
$
(25
)
$
444
(3
)%
2
%
Advertising
51
49
(3
)
$
52
(4
)%
2
%
Other
9
9
—
$
9
—
%
—
%
Total Subscription Video Services segment
revenues
$
494
$
477
$
(28
)
$
505
(3
)%
2
%
Q3 Fiscal 2022
Q3 Fiscal 2023
FX impact
Q3 Fiscal 2023 constant
currency
% Change - reported
% Change - constant currency
($ in millions)
Better/(Worse)
Dow Jones:
Circulation and subscription
$
377
$
426
$
(4
)
$
430
13
%
14
%
Advertising
102
88
—
$
88
(14
)%
(14
)%
Other
8
15
—
$
15
88
%
88
%
Total Dow Jones segment revenues
$
487
$
529
$
(4
)
$
533
9
%
9
%
Book Publishing:
Consumer
497
495
(11
)
$
506
—
%
2
%
Other
18
20
—
$
20
11
%
11
%
Total Book Publishing segment revenues
$
515
$
515
$
(11
)
$
526
—
%
2
%
News Media:
Circulation and subscription
$
285
$
274
$
(21
)
$
295
(4
)%
4
%
Advertising
232
221
(15
)
$
236
(5
)%
2
%
Other
63
68
(6
)
$
74
8
%
17
%
Total News Media segment revenues
$
580
$
563
$
(42
)
$
605
(3
)%
4
%
News UK
Circulation and subscription
$
144
$
135
$
(14
)
$
149
(6
)%
3
%
Advertising
72
72
(6
)
$
78
—
%
8
%
Other
28
28
(3
)
$
31
—
%
11
%
Total News UK revenues
$
244
$
235
$
(23
)
$
258
(4
)%
6
%
News Corp Australia
Circulation and subscription
$
119
$
112
$
(7
)
$
119
(6
)%
—
%
Advertising
105
99
(6
)
$
105
(6
)%
—
%
Other
31
31
(2
)
$
33
—
%
6
%
Total News Corp Australia revenues
$
255
$
242
$
(15
)
$
257
(5
)%
1
%
Q3 YTD Fiscal 2022
Q3 YTD Fiscal 2023
FX impact
Q3 YTD Fiscal 2023 constant
currency
% Change - reported
% Change - constant currency
($ in millions)
Better/(Worse)
Consolidated results:
Circulation and subscription
$
3,248
$
3,318
$
(207
)
$
3,525
2
%
9
%
Advertising
1,342
1,263
(80
)
1,343
(6
)%
—
%
Consumer
1,615
1,474
(55
)
1,529
(9
)%
(5
)%
Real estate
988
896
(43
)
939
(9
)%
(5
)%
Other
518
495
(37
)
532
(4
)%
3
%
Total revenues
$
7,711
$
7,446
$
(422
)
$
7,868
(3
)%
2
%
Digital Real Estate Services:
Circulation and subscription
$
9
$
9
$
—
$
9
—
%
—
%
Advertising
99
103
(3
)
$
106
4
%
7
%
Real estate
988
896
(43
)
$
939
(9
)%
(5
)%
Other
202
162
(13
)
$
175
(20
)%
(13
)%
Total Digital Real Estate Services segment
revenues
$
1,298
$
1,170
$
(59
)
$
1,229
(10
)%
(5
)%
REA Group revenues
$
779
$
714
$
(59
)
$
773
(8
)%
(1
)%
Subscription Video Services:
Circulation and subscription
$
1,307
$
1,249
$
(104
)
$
1,353
(4
)%
4
%
Advertising
165
160
(13
)
$
173
(3
)%
5
%
Other
30
32
(3
)
$
35
7
%
17
%
Total Subscription Video Services segment
revenues
$
1,502
$
1,441
$
(120
)
$
1,561
(4
)%
4
%
Dow Jones:
Circulation and subscription
$
1,082
$
1,257
$
(19
)
$
1,276
16
%
18
%
Advertising
333
313
—
$
313
(6
)%
(6
)%
Other
24
37
—
$
37
54
%
54
%
Total Dow Jones segment revenues
$
1,439
$
1,607
$
(19
)
$
1,626
12
%
13
%
Book Publishing:
Consumer
1,615
1,474
(55
)
$
1,529
(9
)%
(5
)%
Other
63
59
—
$
59
(6
)%
(6
)%
Total Book Publishing segment revenues
$
1,678
$
1,533
$
(55
)
$
1,588
(9
)%
(5
)%
Q3 YTD Fiscal 2022
Q3 YTD Fiscal 2023
FX impact
Q3 YTD Fiscal 2023 constant
currency
% Change - reported
% Change - constant currency
($ in millions)
Better/(Worse)
News Media:
Circulation and subscription
$
850
$
803
$
(84
)
$
887
(6
)%
4
%
Advertising
745
687
(64
)
$
751
(8
)%
1
%
Other
199
205
(21
)
$
226
3
%
14
%
Total News Media segment revenues
$
1,794
$
1,695
$
(169
)
$
1,864
(6
)%
4
%
News UK
Circulation and subscription
$
428
$
398
$
(57
)
$
455
(7
)%
6
%
Advertising
235
216
(25
)
$
241
(8
)%
3
%
Other
88
80
(11
)
$
91
(9
)%
3
%
Total News UK revenues
$
751
$
694
$
(93
)
$
787
(8
)%
5
%
News Corp Australia
Circulation and subscription
$
354
$
331
$
(27
)
$
358
(6
)%
1
%
Advertising
337
316
(26
)
$
342
(6
)%
1
%
Other
105
102
(8
)
$
110
(3
)%
5
%
Total News Corp Australia revenues
$
796
$
749
$
(61
)
$
810
(6
)%
2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005750/en/
Investor Relations Michael Florin
212-416-3363 mflorin@newscorp.com
Leslie Kim 212-416-4529 lkim@newscorp.com
Corporate Communications Jim
Kennedy 212-416-4064 jkennedy@newscorp.com
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