First up, Reuters:
News Corp posts quarterly loss as print ad sales fall
News Corp (NWSA.O), the owner of the Wall Street Journal, Dow Jones Newswires and book publisher HarperCollins, reported a quarterly loss as it struggles to cope with a decline in newspaper advertising sales.And from CNBC:
The company, controlled by media mogul Rupert Murdoch, has been reducing staff and implementing other cost-cutting measures in its Dow Jones division, which includes the Journal, while building up its digital real estate business.
Revenue in the company's news and information division, which accounts for about two-thirds of total revenue, fell 5.3 percent to $1.22 billion in its first fiscal quarter ended Sept. 30. Advertising revenue fell 11 percent....MORE
...Chief Executive Robert Thomson said the company has made "real progress" on its digital revenue streams. He said that print advertising challenges were partially offset by "higher digital revenues and disciplined cost initiatives."
News Corp.'s news and information services unit, which includes Dow Jones and The Wall Street Journal, brought in $1.24 billion in revenue during the quarter. Analysts expected the segment to bring in $1.23 billion in revenue, according to a StreetAccount consensus estimate.
"We continue to push digital, which accounted for 24% of segment revenues this quarter, up from 20% in the prior year," Thomson said in a statement. "While we invest in high quality, premium content, this will be balanced with ongoing cost initiatives, as is evident from Dow Jones' planned strategic reduction in spending and its focus on growing digital subscribers."...MORE
