When love stories become disillusioned, business remains in good shape.
91-year-old media mogul Rupert Murdoch, who is currently going through his fourth divorce, is seeing his News Corp empire's earnings hit record highs.
The group, which notably owns the newspapers
The Wall Street Journal
,
The Times
, the
New York Post
and the tabloid
The Sun
, as well as the publishing group HarperCollins, posted sales up 11% over one year, to $10.4 billion in 2022 (fiscal year ending June), he announced Monday, August 8.
In one year, News Corp doubled its profits.
They exceed $760 million in 2022, compared to $389 million the previous year.
“These unprecedented results are largely explained by the record performance of our news media branch.
With an average increase of 8% in digital subscriptions and 14% growth in print and digital advertising, we can believe that the effects of the pandemic are behind us
,” explained Robert Thomson, chief executive of News Corp.
The group, valued at 10.21 billion dollars on the Nasdaq, is nevertheless cautious for the coming months.
Faced with galloping inflation, the decline in purchasing power and the desire of brands to reduce their advertising expenditure, News Corp mentions the impossibility for the group to establish earnings forecasts.
In the midst of the pandemic in 2020, News Corp had terminated the paper publication of several of its local newspapers in Australia.
Two years later, in April 2022, Rupert Murdoch launched a new “ tabloid
” linear television channel in the UK
.
The channel with the populist slogan "
Straight talking start here
"
has
not yet found its audience, since it has so far systematically placed itself in last place among news channels in terms of hearing.