Forces of Yin and Yang Evident in News' 1Q Performance
Enthusiasm over the 75% (or USD 154 million) year-on-year jump in News Corporation's fiscal 2019 first-quarter adjusted EBITDA to USD 360 million needs to be tempered. USD 48 million of the gain was due to a settlement from exiting the Sun Bet joint venture with Tabcorp in the U.K., while another USD 86 million stemmed from 65%-owned Foxtel whose earnings only began being consolidated from fourth quarter of fiscal 2018.Excluding these items, first-quarter EBITDA increase was a more modest 10% t...
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