News Corp executive chairman Rupert Murdoch told shareholders today the company was meeting challenges in the British and Australian newspaper advertising markets head-on “by re-investing in high-quality content and expanding our digital offerings with increased focus on data”.
Mr Murdoch told the News Corp annual general meeting in New York that the US remained a bright spot, with a more positive advertising outlook. “In particular there’s the strong performance of The Wall Street Journal,” he said.
After write-downs in the company’s education division that led to a loss of $US149 million last year, News chief executive Robert Thomson gave a positive outlook.
“With stable revenues, EBITDA growth and robust free cash flow in fiscal 2015, we are optimistic about the long term and we look to continue building the business for the benefit of all of our customers, our employees and our shareholders,” Mr Thomson said.
Activist shareholders failed in their attempts to eliminate News’s dual-class share structure, and both Lachlan and James Murdoch were re-elected as directors.