News Corp nearly doubles profits, sets record full year revenues

News in brief

News Corp reported fiscal year revenues and net income at records of $10.39bn and $760m, respectively.

Revenues grew 11% year-over-year while net income increase 95% from $389m a year ago.

Full year total segment Ebitda also set a record at $1.67bn, a 31% year-on-year increase.

The Murdoch-owned media conglomerate attributed the earnings blowout to impressive profitability by its news media segment, bolstered by growth in digital advertising revenues (+14%) and record digital subscriber numbers across its publications.

Dow Jones & Company (which publishes The Wall Street Journal, Barron’s, and Marketwatch, among others) also had an impressive quarter, with 54% profitability growth to $106m, and annual 31% growth to $433m in profit; Dow Jones saw an 18% year-on-year increase in revenue.

Book publishing, through HarperCollins, also saw a 10% increase in revenue year-over-year.