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News Provides SEC Form 10-Q

13 May 2019  |  08:27:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: SEC Form 10-Q

News announced that the Company and Telstra combined their respective 50% interests in Foxtel and its 100% interest in FOX SPORTS Australia into a new company, which the Company refers to as new Foxtel (the Transaction). Following the completion of the Transaction, it owns a 65% interest in the combined business, with Telstra owning the remaining 35%. The Company reclassified Conference Sponsorship revenues at its Dow Jones reporting unit and Merchandising revenues at News America Marketing from Other revenues to Advertising revenues as the Company believes that the reclassification more accurately reflects the nature of those revenue streams. These revenue reclassifications totaled $15m and $42m for the three and nine months ended 31 March 2018, respectively.

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