News Corp sees hit to ad revenue from coronavirus pandemic [Reuters]
News Corporation - Class B (NWS)
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Source: Reuters
News Corp sees hit to ad revenue from coronavirus pandemic April 13 (Reuters) - News Corp said on Monday that its newspaper advertising revenue would take a hit from economic disruptions caused by the spread of the coronavirus pandemic. Advertising revenue has plummeted for many publishers as companies slash marketing budgets and prove reluctant to buy ads against coronavirus coverage for fear of tarnishing their brand. The owner of the Wall Street Journal, however, said there was a rise in digital subscribers for its newspapers as people in lockdown sought information about the pandemic. News Corp also expects cancellation or delay of sports events for which it has broadcast rights to hit subscription revenue. (Reporting by Ayanti Bera in Bengaluru; Editing by Anil D’Silva)
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