Aug 5 (Reuters) – Wall Street Journal publisher News Corp beat fourth-quarter revenue estimates on Wednesday, 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 capitalize on the AI boom through licensing deals with technology companies.Â
Here are some more details:
• News Corp, whose brands also include HarperCollins, reported fourth-quarter revenue of $2.34 billion. Analysts on average estimated $2.23 billion, according to data compiled by LSEG.
• Its adjusted earnings per share nearly doubled to $0.35, from $0.19 a year ago, and comfortably beat analysts’ estimate of $0.21.
• Dow Jones’s revenue grew 7% during the quarter, while digital real estate services revenue rose 19%.
• “We have trusted content relationships with OpenAI and Meta, and are in advanced discussions with several other companies,” CEO Robert Thomson said.
(Reporting by Nithyashree R B in Bengaluru; Editing by Shilpi Majumdar)
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