Wall Street Journal publisher News Corp beat fourth-quarter revenue estimates on Aug 5, driven by growth in its digital real estate, book publishing and Dow Jones subscription businesses.
The media conglomerate is benefiting from its pivot from traditional print media to a digital-first content business, positioning it to capitalise on the AI boom through licensing deals with technology companies.
News Corp, whose brands also include HarperCollins, reported fourth-quarter revenue of US$2.34 billion. Analysts on average estimated US$2.23 billion, according to data compiled by LSEG.
Its adjusted earnings per share nearly doubled to US$0.35, from US$0.19 a year ago, and comfortably beat analysts’ estimate of US$0.21.
Dow Jones’ revenue grew 7 per cent during the quarter, while digital real estate services revenue rose 19 per cent.
“We have trusted content relationships with OpenAI and Meta, and are in advanced discussions with several other companies,” CEO Robert Thomson said. REUTERS
