Leaked Documents Reveal The Scale Of Job And Revenue Losses At News Corp Last Year

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Leaked financial figures about the performance of News Corp Australia’s print division, published on Crikey.com.au today, suggest Rupert Murdoch’s newspapers are struggling with the same difficulties as their rivals.

While News Corp publishes its print performance as a whole, the 2012-13 internal financial statements offer individual paper comparisons.

Overall, newspaper advertising revenue fell by $320 million and nearly 1000 jobs were cut from around 8000 to 7000.

Crikey says the flagship broadsheet The Australian lost $30 million in 2012-13 and shed 54 jobs.

Crikey business editor Paddy Manning wrote that “revenues dropped 20% from $135 million to $108 million in 2012-13, while operating income fell 41% from a loss of $19 million to a loss of $27 million. After depreciation, the masthead’s operating loss fell to $30 million.”

News Corp Australia CEO Julian Clarke dismissed the figures as old news.

“The figures quoted are 14 months out of date, have been illegally circulated and are not from our statutory accounts. They do not reflect the current performance of the business,” he told Business Insider.

Working there seems quite profitable, however, with Crikey claiming the documents reveal the average wage bill at The Australian is $174,000 a year.

Ironically, Crikey publisher Eric Beecher did well from what was then News Ltd. in 2012 after selling the Business Spectator and Eureka Report sites to them for $30 million in 2012, however Business Spectator, which was also owned by finance journalist Alan Kohler, lost $2.5 million in the following year.

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