Murdoch group News Corporation with profit slump due to Premiere
News Corporation, which is controlled by media mogul Rupert Murdoch, has started its new financial year with a slump in profits due to its stake in pay-TV channel Premiere.
News Corporation, which is controlled by media mogul Rupert Murdoch, has started its new financial year with a slump in profits due to its stake in pay-TV channel Premiere.
News Corp's surplus fell by almost 30 percent to 515 billion dollars in the last quarter. In contrast, turnover rose by a good six percent to 7.51 billion dollars, as News Corp announced on Wednesday after the US stock exchange closed in New York.
Premiere caused losses of 447 million dollars for the US media group, mainly due to write-downs on its 25 percent stake. According to SDA, the German pay-TV station had to admit to drastically inflated subscription figures. Billionaire Murdoch has since taken action at Premiere and replaced the management team.
News Corp's operating profit also fell by nine percent to 953 million dollars in the first quarter ended September. This was due to lower advertising revenue from TV stations and weaker film business at its Twentieth Century Fox studios.
News Corp's surplus fell by almost 30 percent to 515 billion dollars in the last quarter. In contrast, turnover rose by a good six percent to 7.51 billion dollars, as News Corp announced on Wednesday after the US stock exchange closed in New York.
Premiere caused losses of 447 million dollars for the US media group, mainly due to write-downs on its 25 percent stake. According to SDA, the German pay-TV station had to admit to drastically inflated subscription figures. Billionaire Murdoch has since taken action at Premiere and replaced the management team.
News Corp's operating profit also fell by nine percent to 953 million dollars in the first quarter ended September. This was due to lower advertising revenue from TV stations and weaker film business at its Twentieth Century Fox studios.
