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News Corp A NWSA

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Morningstar’s Analysis

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Best News Since Fox but Watch the News on Costs

Brian Han Senior Equity Analyst

Analyst Note

| Brian Han |

It was imperative News Corporation deliver a stellar fiscal 2021 second-quarter result, given the 30% surge in its shares since the last results release on Nov. 6, 2020. It did not disappoint with a 41% lift in normalised EBITDA to USD 500 million—the highest quarterly profit since the group's split from Fox in 2013. Much of the strong showing was cost-driven, as EBITDA margin jumped to 20.7%, from 14.3% a year ago despite a 3% fall in headline revenue (up 2% adjusted for acquisitions, divestitures and currency).

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Company Profile

Business Description

News Corporation is a media conglomerate with large presence in the U.S, the U.K., and Australia. Key brands include The Wall Street Journal, Herald Sun, and The Times. The company also has a strong presence in the Australian pay-TV market through Fox Sports and Foxtel (both 65%-owned), while its 62%-owned REA Group is the dominant real estate classified business in Australia. In addition, it owns HarperCollins, one of the largest book publishers globally, and also has a substantial digital property advertising business (Move) in the U.S.

Contact
1211 Avenue of the Americas
New York, NY, 10036
T +1 212 416-3400
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Dec 31, 2020
Fiscal Year End Jun 30, 2021
Stock Type Classic Growth
Employees 23,500

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