News Corp. beat Wall Street’s expectations for the quarter ended in March as it moved toward its most profitable year since it split off its entertainment arm in 2013.
Its NY Post reports the company posted third-quarter revenues of $2.34 billion, up 3 percent jump over last year — beatings analysts’ expectations for revenue of $2.19 billion.
The publisher of the Wall Street Journal and the New York Post posted net income of $96 million, reversing a $1 billion net loss from a year ago tied to a $1.1 billion impairment charge. Adjusted earnings per share rose to 9 cents from 3 cents. Wall Street had been expecting 6 cents.
“In the UK, circulation revenues increased, while the NY Post continued revenue growth driven by strong growth in digital advertising,” CEO Robert Thomson told analysts on an earnings call.
The $275 million acquisition of Investors Business Daily from O’Neil Capital Management announced last month has been finalized, the company said. The operation will continue to be based in Los Angeles, operated by Dow Jones.
The acquisition of the consumer books division of Houghton Mifflin Harcourt is still pending.
The company also said it completed “landmark” revenue-sharing agreements with Google and Facebook, although the details are still being hammered out.
And it successfully wrapped up its private placement bond offering, which was upped last month to $1 billion from $750 million.
The results were partially by offset lower revenues from its News Media segment, primarily driven by the sale of its coupon business News America Marketing, as well as weakness in print advertising and closure of regional and community newspapers in Australia.
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