News Corp has posted a US$1.5bn loss, with its Australian and United Kingdom newspaper businesses suffering sharp declines in revenue and its Foxtel pay-TV business in Australia bleeding subscribers, new financial results for 2019-20 show. The global media giant released its financial results for 2019/20 on Thursday in the US. News Corp Australia and News UK revenue declined 16% and 13% respectively across the year. In the last quarter, as Covid-19 hit, revenue declined 31% at News Corp Australia and 22% at News UK. The company blamed the loss on lower residential and commercial broadcast subscribers and less customers for its Foxtel Now streaming business.

Source: The Guardian August 07, 2020 03:22 UTC