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Murdoch's News Corp posts profit amid struggles at newspapers

AFP  |  New York 

Rupert Murdoch's Corp. has said that it swung to profit in the most recent quarter even as revenues dipped for its newspaper operations.

Profit in the three months through December amounted to USD 119 million, compared with a loss of USD 66 million a year earlier, for the conglomerate that publishes the Wall Street Journal, of London, and titles in

Revenues rose 21 percent year-over-year as gains from new video subscription services, Australian and other operations offset weakness in the and information unit.

The New York-based group also saw gains from its and book publishing operations.

said the results show "the power of premium content and authenticated audiences in a fact-challenged world that craves credibility."

He noted digital subscription gains at the Wall Street Journal, and revenues in both the US and

digital subscriptions rose to 1.7 million at the end of December from 1.39 million a year earlier.

The digital subscriber base also rose at Australia's mastheads as well as and

But overall revenues dropped three percent for the division in a quarter marked by gains in and declines in print revenue.

The company said one-third of revenues in news come from digital, compared with 29 percent a year earlier, following an industry trend.

The update for the fiscal second quarter also showed rising revenues at its book division lifted by the release of "Homebody" by Joanna Gaines and "The Next Person You Meet in Heaven" by

retained the publishing operations of Murdoch's after a 2013 split that created

Murdoch, 87, began a gradual withdrawal from both companies in 2013, and now shares the title of with his eldest son at both firms.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 04:44 IST