Net income available to News Corp stockholders cut in halfStaff writer ▼ | May 6, 2015
News Corporation reported financial results for the three months ended March 31, 2015. The company reported Q3 2015 revenues of $2.06 billion, a 1% decline as compared to prior year third quarter revenues of $2.08 billion.
News Corporation Net income was $23 million, compared to $48 million
Adjusted revenues declined 2% compared to the prior year. The Company reported third quarter Total Segment EBITDA of $163 million, a 7% decline as compared to $175 million in the prior year.
These results include $15 million and $20 million in fees and costs – net of indemnification – related to the U.K. Newspaper Matters (as defined below) in the three months ended March 31, 2015 and 2014, respectively.
Declines at the News and Information Services segment, including higher legal costs at News America Marketing, negative foreign currency fluctuations and increased stock-based compensation expense resulting from the acquisition of Move were partially offset by lower expenses at Amplify and increased revenues in the Book Publishing segment due to the inclusion of Harlequin results.
Adjusted Total Segment EBITDA declined 1% compared to the prior year. Net income available to News Corporation stockholders was $23 million as compared to $48 million in the prior year, due to lower Total Segment EBITDA as well as a higher effective tax rate, lower equity earnings of affiliates, and lower interest income. ■