Rupert Murdoch's News Corporation has warned the COVID-19 pandemic will have a 'material adverse impact' on its business as subscriptions to pay TV company Foxtel and sports streaming service Kayo fall | zoesam93
Rupert Murdoch's News Corporation has warned the COVID-19 pandemic will have a "material adverse impact" on its business as subscriptions to pay TV company Foxtel and sports streaming service Kayo fall and real-estate listings and advertising sales collapse.in the UK had increased, but the cancellation of sports events would affect subscription and advertising revenue for Foxtel and Kayo.
“In addition, closures of pubs and clubs and lower occupancy at hotels throughout Australia are expected to adversely impact commercial subscription revenues,” News Corp said in a statement to the US Securities Exchange Commission.The company has urged shareholders not to rely on its current earnings forecasts.
"However, the COVID-19 pandemic ... could have a material adverse impact on the company's business, results of operations and financial condition, particularly over the near to medium term." Subscriber numbers at Foxtel softened to 2.952 million for the December quarter, down from 3.065 million at the end of September, according to figures from February. Meanwhile, streaming service Kayo's paying subscriber base was 350,000, a fall from 402,000 on November 5 last year. Although Kayo’s subscriber base fell for the December quarter, News Corp said that as of February 5 there were more than 370,000 paying subscribers.
The company has not released updated figures to reflect the impact of the COVID-19 pandemic and said it was working "proactively" to offset predicted revenue losses with cost-saving initiatives.
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