Business

Feb 9, 2018

News Corp finds itself once again propped up by digital real estate holdings

The company's second quarter report shows that, amid declining advertising revenues, they're leaning more than ever on new digital acquisitions and smaller operations

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

News Corp’s newspapers were again a millstone around the neck of the company in the three months to the end of December. The company’s latest financial results revealed that once again the company’s digital real estate operations and currency movements were the saviours for the second quarter in a row. Digital real estate -- REA Group in Australia and Move in the US -- saw a 21% jump in revenue, while currency movements (the fall in the value of the greenback) boosted revenues by US$47 million.

Seeing revenue for the group was only up 3% (around US$20 million) News Corp has again had to get help from its newer businesses and the Forex market rather than its traditional print operations in Australia, the US and UK -- Harper Collins book publishing arm, its News America retail market operation and its pay TV businesses in Australia. Those pay TV businesses -- Foxtel and Fox Sports are in the final throes of a merger deal being hammered out with Telstra, with the final shape of the deal expected to be revealed next week.

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