7% revenue fall for News Corp

SYDNEY: Media giant News Corp says declines in advertising, circulation and subscription revenues have contributed to a 7% slide in revenue for its news and information services business — which includes its Australian news mastheads.

News Corp reported secondquarter revenue of $US1.3 billion ($NZ1.81 billion) for its news division for the three months to December 31, 2016, on Friday.

The Rupert Murdochled News Corp posted a groupwide loss from continuing operations of $US219 million for the quarter, down from $US106 million in the previous corresponding period.

The loss was driven by a $US310 million impairment on fixed assets at its Australian print newspaper business.

News Corp also took $US227 million in noncash writedowns on the value of its Foxtel cable TV business after the closure of the Presto streaming joint venture in 2016.

Across the News Corp group, secondquarter earnings rose 16% to $US325 million on the back of gains in its digital real estate and book publishing divisions.

Chief executive Robert Thomson said the secondquarter result showed increased operating profitability ‘‘despite continued headwinds in print advertising’’.

‘‘Results were driven by strong performance at our Digital Real Estate Services segment and meaningful revenues at HarperCollins, along with appropriate and ongoing management of the cost base at our news mastheads,’’ Mr Thomson said. — AAP