News Corp: Result 2013

There were some swings and roundabouts in News Corp's full-year result, but the overall performance was pleasing.

News Corp has reported full-year results broadly in line with our expectations when we upgraded the stock at the time of the company’s demerger in Old Murdoch, new News on 25 Jul 13 (Speculative Buy – $17.00).

Top-billing probably goes to Foxtel, which managed a 38% rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to $914m (or $454m for News’s 50% share), ahead of our expectations for about $880m.

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