News Corp renews lucrative Google deal

News Corp has extended its existing partnership with Google, in a deal in which the tech giant will continue to pay the media company for the use of its content.

The announcement of News Corp’s renewal of its lucrative contract with Google coincided with the release of the media company’s third-quarter results.

The value of the deal has not been disclosed, but News Corp’s chief financial officer Susan Panuccio said “the financials were consistent” with the previous partnership which was signed in 2021.

The company’s profitability rose slightly in the three months to March 31, with chief executive Robert Thomson saying News Corp was “well on track” to record strong growth.

“We fervently believe that the company is firmly on a pathway to continued success,” he said.

Total segment EBITDA lifted one per cent to $322m in the third quarter, up from $320m in the previous year, and is tracking at 7 per cent growth over the nine months to March 31.

“It is also worth noting that for more than a year, digital revenue has accounted for over half our total revenues, and we believe that trend is destined to continue,” Mr Thomson said.

“We are in the midst of an exponential digital revolution, and our own company has continued to change significantly and profitably. Importantly, we are working to promote our quality journalism in the age of generative AI, and are gratified that the most enlightened leaders in the industry appreciate the commercial and social value of that content.”