Shares of News Corp (NASDAQ: NWS) surged 5.2% in the pre-market trading session on Thursday, following the company's impressive second-quarter earnings report and strategic moves to streamline its business.
The media conglomerate reported a 20% increase in profitability to $478 million, driven by solid revenue growth of 5% to $2.24 billion. Net income from continuing operations soared 58% to $306 million, while earnings per share from continuing operations rose to $0.40, up from $0.28 in the prior quarter.
A key highlight of the quarter was the agreement to sell Foxtel, News Corp's subscription video service in Australia, to DAZN for AUD 3.4 billion (approximately $2.3 billion). The deal, expected to close in the second half of the fiscal year, will strengthen News Corp's balance sheet and reduce capital intensity, allowing the company to focus on its core growth pillars: Digital Real Estate, Dow Jones, and Book Publishing.
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