News Corp, the publishing company controlled by Rupert Murdoch, said profits almost doubled in the year to June as growth in digital advertising and subscriptions helped its news operations recover from losses incurred during the pandemic.
The US-listed company, which publishes newspapers including The Wall Street Journal, The Australian and The Times, reported an 11 per cent increase in revenue for the year to $10.4bn and pre-tax profit rose to $812mn compared with $450mn the previous year.
“The News Media segment was the single largest contributor to the enhanced profit picture this fiscal year with profitability expanding to $217mn from $52mn, bolstered by growth in digital advertising revenues and record digital subscriber numbers,” News Corp chief executive Robert Thomson said, adding that said the company had “set significant records”.