News Corp once again confirmed that it is only a print media and book publisher tail to the more profitable of its real estate website listing businesses in Australia (REA Group) and the US (Move). Once the reshuffle at Foxtel and Fox Sports concludes by June 30 next year, print will be an even smaller share. Judging from the comments in the report, print advertising revenues, which are still the main area of revenue for the News and Information business, will be lower than they are now as they keep falling, but the contribution from digital ads and especially subscriptions will be higher.
The quarterly report reveals that the company’s real estate listing businesses enjoyed a 20% increase in revenue (compared to just 2% at News and Information) to $271 million for the quarter, while so-called segment earnings before interest, tax, depreciation and amortisation jumped 59% to $95 million, the largest contribution to the group bottom line of all the divisions. News and Information saw a 79% rise to just $73 million, helped by a number of factors which offset yet another unquantified slide in ad revenues.