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News Corp (NWS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

News Corp

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CIK: 1564708 Ticker: NWS

Exhibit 99.1

 

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NEWS CORPORATION REPORTS THIRD QUARTER RESULTS FOR FISCAL 2020

FISCAL 2020 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS

 

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Revenues were $2.27 billion, an 8% decline compared to $2.46 billion in the prior year

 

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Non-cash impairment charges of $1.1 billion, primarily at Foxtel and News America Marketing, led to a net loss of ($1) billion compared to net income of $23 million in the prior year

 

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Total Segment EBITDA was $242 million compared to $247 million in the prior year

 

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Adjusted Revenues declined 4% and Adjusted Total Segment EBITDA increased 1%

 

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Reported EPS were ($1.24) compared to $0.02 in the prior year – Adjusted EPS were $0.03 compared to $0.04 in the prior year

 

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Completed the sale of News America Marketing to Charlesbank Capital Partners on May 5th

 

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Dow Jones saw 20% growth in digital-only subscribers to over 2.5 million, including 15% growth in digital-only subscribers at The Wall Street Journal, while experiencing record traffic across its digital networks

NEW YORK, NY – May 7, 2020 – News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2020.

Commenting on the results, Chief Executive Robert Thomson said:

“We are operating in a different, difficult time. Every business and family is facing challenges and our thoughts, in particular, are for those who are suffering deeply and personally from the impact of COVID-19.

Our fiscal third quarter results demonstrate the strength of News Corp and the power of our premium content. We also maintained a robust balance sheet, with $1.4 billion in cash and cash equivalents as of March 31st and an untapped $750 million corporate revolving credit facility, providing a strong foundation for the Company’s future.

Despite the onset of COVID-19, and particularly volatile, adverse currency movements, profitability was relatively stable. Notably, profitability was higher at the News and Information Services segment, fueled by significant digital advertising and subscriber growth at Dow Jones, including The Wall Street Journal, which reached approximately 3 million subscribers in the last week, a new record, with over 2.2 million that are digital-only.

The sale of News America Marketing was completed on May 5th and we are continuing to simplify our Company to highlight the intrinsic value of our core businesses, including the strategic review of our Australian newspaper holdings, focusing on our larger brands and our digital reach.

Clearly the pandemic will have an impact on our results in the Fourth Quarter, but all of our businesses are embarking on cost-cutting programs intended to deal with short-term need but also to ensure that the Company is well-equipped to prosper in a decidedly different business environment after the crisis abates.

There will obviously be an impact on executive compensation, and it is worth noting that bonuses are often the largest cash component for our senior executives. Pay reductions will be led by our Executive Chairman, Rupert

 

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The following information was filed by News Corp (NWS) on Thursday, May 7, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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News Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside News Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Consolidated Statements Of Operations
Acquisitions, Disposals And Other Transactions
Acquisitions, Disposals And Other Transactions (Tables)
Acquisitions, Disposals And Other Transactions - Additional Information (Detail)
Acquisitions, Disposals And Other Transactions - Schedule Of Class Of Assets And Liabilities Held For Sale Included In Other Current Assets And Liabilities In Balance Sheet (Detail)
Additional Financial Information
Additional Financial Information (Tables)
Additional Financial Information - Components Of Other Current Assets (Detail)
Additional Financial Information - Components Of Other Current Liabilities (Detail)
Additional Financial Information - Components Of Other Non-Current Assets (Detail)
Additional Financial Information - Components Of Other, Net Included In Statement Of Operations (Detail)
Additional Financial Information - Components Of Other, Net Included In Statement Of Operations (Parenthetical) (Detail)
Additional Financial Information - Components Of Receivables, Net (Detail)
Additional Financial Information - Summary Of Supplemental Cash Flow Information (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Schedule Of Borrowings (Detail)
Borrowings - Schedule Of Borrowings (Parenthetical) (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Detail)
Description Of Business And Basis Of Presentation (Policies)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Computation Of Basic And Diluted Earnings (Loss) Per Share (Detail)
Equity
Equity (Tables)
Equity - Additional Information (Detail)
Equity - Summary Of Changes In Equity (Detail)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (Tables)
Financial Instruments And Fair Value Measurements - Additional Information (Detail)
Financial Instruments And Fair Value Measurements - Schedule Of Fair Value Hedging Relationship By Balance Sheet (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Derivative Instruments Designated As Cash Flow Hedges (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Equity Securities Classified As Level 3 (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Hedges Classified As Current Or Non-Current In Balance Sheets Based On Maturity Dates (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Mandatorily Redeemable Noncontrolling Interest Liabilities Classified Level 3 (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Mandatorily Redeemable Noncontrolling Interest Liabilities Classified Level 3 (Parenthetical) (Detail)
Impairment And Restructuring Charges
Impairment And Restructuring Charges (Tables)
Impairment And Restructuring Charges - Additional Information (Detail)
Impairment And Restructuring Charges - Schedule Of Changes In Restructuring Program Liabilities (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Schedule Of Investments (Detail)
Investments - Schedule Of Total Gains And Losses On Equity Securities (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Additional Information Related To Operating Lease (Detail)
Leases - Schedule Of Future Minimum Lease Payments Under Non-Cancellable Leases (Detail)
Leases - Schedule Of Total Lease Cost For Operating Leases (Detail)
Revenues
Revenues (Tables)
Revenues - Additional Information (Detail)
Revenues - Practical Expedients And Other Revenue Disclosures (Detail)
Revenues - Summary Of Deferred Revenue From Contract With Customers (Detail)
Revenues - Summary Of Deferred Revenue From Contract With Customers (Parenthetical) (Detail)
Revenues - Summary Of Disaggregated Revenue By Type And By Segment (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Reconciliation Of Assets From Segments To Consolidated (Detail)
Segment Information - Reconciliation Of Goodwill And Intangible Assets From Segments To Consolidated (Detail)
Segment Information - Reconciliation Of Revenue And Segment Ebitda From Segments To Consolidated (Detail)
Subsequent Events
Subsequent Events- Additional Information (Detail)

Material Contracts, Statements, Certifications & more

News Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: NWS
CIK: 1564708
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-136899
Submitted to the SEC: Fri May 08 2020 6:50:31 AM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Newspapers Publishing Or Publishing And Printing

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