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Editor’s Pick Revenue

News Corp’s newspaper squeeze tests the subscription story

Digital subscriber growth at The Times sits alongside falling earnings in its wider division. The figures demand a closer look at what customers pay and what it costs to keep them.

A publisher in red adds to an enormous gold abacus resting heavily on a bent colleague in blue. The caption reads: Subscriber growth is carrying us.

Cartoon · AI-generated

Inside the Editor’s Pick

News Corp has added digital subscribers at The Times and The Sunday Times, yet earnings have fallen at their wider division. The contrast is a warning against treating subscription totals as proof of a healthy business. Useful paid products can fund journalism; businesses still carrying declining print income face a harder bill. The investment decision is which customers can be served profitably over time.

For the quarter to 30 September, News Media reported $18 million of segment EBITDA, News Corp’s adjusted operating earnings measure, down 40%. The Times titles, including the Times Literary Supplement, ended September with 686,000 digital subscribers, against 640,000 a year earlier. The division also contains Australian and US operations and broadcasting, so its results do not establish that Times profit fell.

That distinction matters to newsroom budgets. A growing paid audience can support investment without yet offsetting the cost of the wider business. Publishers need evidence of what customers pay, renew and use.

· 6 min read · Ivan Massow Read the Editor’s Pick →

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