News Corp CFO Susan Panuccio to Step Down, Company Reports Solid Financial Growth

November 07, 2024 06:27 PM PST | By Team Kalkine Media

Google News:

News Corp CFO Susan Panuccio to Step Down, Company Reports Solid Financial Growth — Image source: shutterstock

Recent News

Kalkine CrowdStrike Among Biggest Companies on NASDAQ by Market Presen...

Kalkine BW LPG Role Amid High Yield Dividend ETF Sector Activity

Kalkine RingCentral Earnings Per Share Reflects Market Shift in Short...

Nasdaq Top 100 Biopharma Companies Including 2seventy Bio by Kalkine

Highlights

News Corp CFO Susan Panuccio announces departure after a two-decade tenure.

The company sees significant revenue and earnings growth, driven by real estate investments.

News Corp continues evaluating strategic options for its Foxtel Group division.

News Corp (ASX:NWS), the global media conglomerate controlled by the Murdoch family, has confirmed the departure of its long-time Chief Financial Officer (CFO) Susan Panuccio. After serving the company for nearly two decades, Panuccio will step down in January 2024. She expressed a desire to spend more time with family after leading the company’s financial strategies since 2017. The company has appointed Lavanya Chandrashekar, a senior leader at Diageo, as the new CFO.

Under Panuccio’s leadership, News Corp has experienced solid financial growth, and the latest earnings report underscores this momentum. For the three months ending September 30, News Corp posted a revenue of $2.6 billion (US$3.9 billion), reflecting a 3% increase compared to the same period last year. Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 14%, reaching $415 million (US$615 million).

News Corp’s diverse portfolio of assets includes well-known brands such as Dow Jones, the publisher of *The Wall Street Journal*, and HarperCollins, a major book publishing house. The company also owns prominent media outlets including *The New York Post*, *The Times*, and *The Australian*, along with a majority stake in Foxtel Group, a leading pay-TV and streaming service provider. Real estate classifieds giant REA Group is another key component of News Corp's portfolio. The strong financial results were driven largely by these real estate investments, which outperformed expectations.

While most of News Corp’s business units saw higher revenues, its news media division experienced a decline. The company recently announced plans to sell its Foxtel Group, which owns the streaming platforms Binge and Kayo Sports, as well as its cable TV operations. After attracting interest from third parties, News Corp is currently assessing a range of strategic and financial options for Foxtel, including its capital structure and asset distribution.

Looking ahead, the leadership transition and the strategic review of Foxtel are key areas to watch for News Corp as it seeks to strengthen its position in an evolving media landscape.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.