Write-off and costs send News plunging
Thursday 09 May 1996
Operating profits before the write-off were 3 per cent lower at $211m, on revenues 7 per cent ahead at $2.3bn. The company pointed to the costs of rolling out Star TV, which recently became the second foreign satellite service in Japan. Distribution and programming costs were both higher in the period.
The UK was a bright spot, both in newspapers and in satellite broadcasting, where BSkyB, owned 40 per cent by News Corporation, this week announced record nine-month profits.
The company's four national newspapers each posted circulation and advertising revenue gains, while operating profits were up 8 per cent quarter-to-quarter. The Times managed to maintain its circulation gains despite cover price increases earlier this year. Circulation is holding at about 670,000 for the title. The down-market Sun continued to sell in excess of 4 million copies daily.
The newspaper outlook has been improved by a softening in the cover-price war and a lull in the rise of newsprint prices.
In the US, the company's Fox television stations saw operating profits jump by 25 per cent, but the Fox Broadcasting Company, which supplies programmes and marketing services for the network, posted lower earnings following a rise in licence fees and promotional spending.
The US and UK book publishing operation, HarperCollins, was boosted by several bestsellers, including In Contempt, by Christopher Darden, a member of OJ Simpson's defence team. But the US paperback market and the UK market generally were both soft, the company said.
HarperCollins sold its educational publishing arm to Pearson for $575m in the quarter, saying it intended to concentrate on consumer and electronic publishing. Anthea Disney, formerly editor-in-chief of News Corporation's TV Guide, was appointed the chief executive of HarperCollins earlier this year.
Yesterday, Turner Broadcasting System, owner of the news network CNN, said it was confident its $7.5bn merger with Time Warner will survive regulatory scrutiny, despite reports over the weekend that the Federal Trade Commission was poised to block the deal.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
- 5 Zayn Malik quits One Direction: Hundreds of workers request compassionate leave following band member's exit
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...