News Corp beat estimates for fourth-quarter profit on Thursday, benefiting from its cost-cutting measures and a rise in digital subscriptions for its Dow Jones news and data services.
beat estimates for fourth-quarter profit on Thursday, benefiting from its cost-cutting measures and a rise in digital subscriptions for its Dow Jones news and data services.
The company, which owns the Sunday Times and the Wall Street Journal, said it was already in active negotiations to establish value for its content and IP "that will play a crucial role in the future of AI."a part its archive of news stories to ChatGPT-owner OpenAI under a deal that will explore generative artificial intelligence's use in news.
Higher digital subscription revenue helped News Corp absorb the impact of a 11.5% decline in advertising revenue in the fourth quarter. Revenue at professional information business, which includes data and analytics platforms such as Oil Price Information Service, rose 10%. "With inflation abating, interest rates plateauing and incipient signs of stability in the housing market, we have sound reasons for optimism about the coming quarters," CEO Robert Thomson said.
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