Meredith Corporation's FOOD & WINE announced that its June issue marks the debut of a fresh editorial redesign. The issue is on newsstands today and is accessible at FoodandWine.com. Since joining FOOD & WINE in June 2017, Editor-in-Chief Hunter Lewis has led the brand's creative team to inspire and empower their audience to eat, drink, entertain, and travel better—every day and everywhere. The purpose of the magazine's design evolution is to deliver a fresher look, a more joyful experience, and more service on every page. "We're excited to give coverage of food, recipes, and drink even more real estate in every issue," said Lewis. "With any creative endeavor, the look will continue to evolve, as will our coverage of the chefs, winemakers, and tastemakers who are shaping our dynamic food and drink culture." Click Read More below for additional information.
Fiscal 2018 Fourth Quarter Key Financial Highlights
•Revenues of $2.69 billion, a 29% increase compared to $2.08 billion in the prior year, reflecting the consolidation of Foxtel and robust performance across the Company
•Net loss of ($355) million, which includes the non-cash impact resulting from the combination of Foxtel and FOX SPORTS Australia of ($337) million, compared to a net loss of ($424) million in the prior year
•Total Segment EBITDA was $312 million including the results of Foxtel, compared to $215 million in the prior year
•Reported EPS were ($0.64) compared to ($0.74) in the prior year – Adjusted EPS were $0.08 compared to $0.11 in the prior year
•Digital revenues represented 30% of News and Information Services segment revenues, compared to 26% in the prior year, reflecting strong paid digital subscriber growth at mastheads
•Book Publishing segment posted a record quarter in revenues
•Digital Real Estate Services segment revenues grew 19%, reflecting continued yield improvements at both REA Group and realtor.com®
Fourth Quarter Results
The Company reported fiscal 2018 fourth quarter total revenues of $2.69 billion, a 29% increase compared to $2.08 billion in the prior year period, reflecting the inclusion of Foxtel’s results, following the Transaction, as described below, continued strong growth in the Book Publishing and Digital Real Estate Services segments and a $29 million positive impact from foreign currency fluctuations. The growth was partially offset by lower print advertising revenues at the News and Information Services segment. Adjusted Revenues (which exclude the foreign currency impact, acquisitions and divestitures as defined in Note 1) increased 5%.
In April 2018, News Corp and Telstra combined their respective 50% interests in Foxtel and News Corp’s 100% interest in FOX SPORTS Australia into a new company (the “Transaction”), which we refer to as new Foxtel. Following completion of the Transaction, News Corp owns a 65% interest in new Foxtel with Telstra owning the remaining 35%. Consequently, the Company began consolidating Foxtel in the fourth quarter of fiscal 2018. See Note 4 for pro forma financial information reflecting the Transaction.
Net loss for the quarter was ($355) million as compared to ($424) million in the prior year. The result is mainly due to the loss of $337 million related to the Transaction, primarily resulting from the write-off of the FOX SPORTS Australia channel distribution agreement (the “FSA channel distribution agreement”) intangible asset, which is reflected in Other, net. The results were also impacted by higher tax expense, driven primarily by certain one-time items related to the U.S. Tax Cuts and Jobs Act (the “Tax Act”), tax settlements and the tax effects of the Transaction. The prior year quarter’s results included non-cash impairment charges of $464 million, primarily related to the write-down of fixed assets.
Total Segment EBITDA for the quarter was $312 million, a 45% increase compared to $215 million in the prior year, reflecting the inclusion of Foxtel’s results and continued strength in the Book Publishing and Digital Real Estate Services segments. Adjusted Total Segment EBITDA (as defined in Note 1) increased 13%.
Full Year Results
The Company reported fiscal 2018 full year total revenues of $9.02 billion, an 11% increase compared to $8.14 billion in the prior year period, reflecting the inclusion of Foxtel’s results, strong growth in the Digital Real Estate Services and Book Publishing segments and a $172 million positive impact from foreign currency fluctuations. The growth was partially offset by lower print advertising and News America Marketing revenues at the News and Information Services segment. Adjusted Revenues increased 2%.
Net loss for the full year was ($1.4) billion as compared to ($643) million in the prior year. The loss was primarily driven by higher non-cash write-downs, mainly comprised of $998 million related to Foxtel and FOX SPORTS Australia and the $165 million related to News America Marketing, as well as the $337 million loss on the Transaction referenced above and a $237 million charge resulting from the Tax Act. The prior year’s results included non-cash impairment charges of $1.0 billion, primarily related to the write-down of fixed assets and Foxtel.
Total Segment EBITDA for the full year was $1.07 billion, a 21% increase compared to $885 million in the prior year, driven by the strength in the Digital Real Estate Services and Book Publishing segments, as well as the inclusion of Foxtel’s results. Adjusted Total Segment EBITDA increased 6%.
Loss per share available to News Corporation stockholders was ($2.60) as compared to ($1.27) in the prior year.
more detail at: https://newscorp.com/2018/08/09/news-corp-reports-fourth-quarter-and-full-year-results-for-fiscal-2018/