News Corp almost doubles its profits on back of digital advertising and subscribers | NewsCorporation

Rupert Murdoch’s News Corporation has almost doubled its profits in 2021/22 to a record $US760m ($A1.1bn).

The US-listed company owns News Corp Australia, as well as numerous mastheads in the US and UK, alongside book publisher HarperCollins and a majority stake in real estate advertising company REA Group.

Net income increased 95% on the previous year, while revenue for the year ended June 2022 reached another record at $US10.4bn ($A14.9bn), an increase of 11%.

The unprecedented result was driven by the company’s news media division, which saw $US217m ($A311m) profit growth through digital advertising revenue expansion and record digital subscriber numbers.

In an ebullient presentation to investors, the company said it had seen seven years of uninterrupted double-digit growth, which has resulted from acquisitions and digital transformation.

“The business has been fundamentally transformed, we are vastly more profitable and have created a potent platform for even greater growth, to the benefit of all our investors and other stakeholders,” the chief executive, Robert Thomson, said in the results release.

In the most recent quarter, overall revenues were up 7% to $US2.67bn ($A3.83bn), while net income was back in the black at $US127m ($A182m), compared with a net loss in the fourth quarter of the previous year.

Dow Jones, publisher of the Wall Street Journal, achieved the highest revenue since its acquisition, driven by record advertising, and growing digital-only subscriptions.

Fourth-quarter profitability at Dow Jones soared 54% to $US106m ($A152m), leading to a 30% increase for the year to $US433m ($A620m).

Declines in broadcast viewing at Foxtel were offset by streaming revenues from Kayo and Binge, with more than 2.8m streaming subscribers in total.

Digital real estate division revenues, including results for REA Group and Move, grew by a quarter.

The acquisition of HMH books and media saw revenues climb 10% in News Corp’s book publishing division, with consumer spending above pre-pandemic levels.