COVID-19 hit media earnings laborious all over the place. But whereas its columnists thunder as imperiously as ever, the improved reporting after News Corp’s restructure reveals simply how precarious its future seems.
The 61.6 per cent stake in REA Group held in News Australia Holdings is the one native News enterprise arm that truly made a strong revenue in 2021 – and it isn’t run by News.
However, REA’s share value is down 40 per cent since November, which has wiped $5.8 billion from the worth of News’ shareholding. And that’s the excellent news.
News Corp’s 65 per cent stake of Foxtel, held in Pay-TV Financing, was additionally rolled into Alesia. In fiscal 2020, it reported a $55 million pre-tax loss, when you omit impairments and restructuring prices. In 2021, the loss jumped to $112 million.
News Corp Australia, which holds Murdoch’s newspapers, reported a $15.1 million pre-tax loss in 2020, ignoring impairment and restructuring costs. In 2021, the loss was $40.9 million (it’s monitoring higher this yr, with EBITDA up $80 million within the final two quarters based on US filings).
How encouraging then that Rebekah Brooks, as soon as touted as future head of News Australia, is doing OK.
In fiscal 2015, the yr earlier than Brooks joined as head of News UK, the three administrators of News Group Newspapers have been paid £1.74 million ($3 million). Last yr, Brooks and the 2 different administrators trousered £9.3 million. The highest-paid director took a £1.17 million pay rise that took their whole to £3.6 million.
NGN, which publishes The Sun, reported a £51 million loss. But that included £49 million in authorized prices from ongoing phone-hacking instances, principally referring to News of the World, which closed in 2010. And you’ll be able to hardly blame Brooks for prices like that.
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