FILE PHOTO: An uncollected Wall Street Journal newspaper sits on a stoop along a nearly deserted Wall Street in lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar
(Reuters) – News Corp (NWSA.O) said on Monday that its newspaper advertising revenue would take a hit from economic disruptions caused by the spread of the coronavirus pandemic.
Advertising revenue has plummeted for many publishers as companies slash marketing budgets and prove reluctant to buy ads against coronavirus coverage for fear of tarnishing their brand.
The owner of the Wall Street Journal, however, said there was a rise in digital subscribers for its newspapers as people in lockdown sought information about the pandemic.
News Corp also expects cancellation or delay of sports events for which it has broadcast rights to hit subscription revenue.
Reporting by Ayanti Bera in Bengaluru; Editing by Anil D’Silva