Like most media companies, News Corp is dealing with plummeting print ad dollars. The company reported its second quarter earnings and revenue was down for the fourth straight quarter.
For the second quarter 2016, total revenue was down four percent compared to 2Q 2015, to $2.16 billion. Revenue at News Corp’s news and information unit—which accounts for about 65 percent of total revenue—was down eight percent compared to the same period last year.
News Corp CEO Robert Thomson explained that the declines were part of the ever-shifting media climate.
“In our news and information services segment, print advertising remained challenged, but we are seeing growth in digital advertising and circulation revenues,” said Thomson. “We are particularly focused on cost reductions and sharing services around News Corp. to streamline operations at the newspapers in Australia and the U.K.”