News Corporation is the latest international media company to reveal that it has been hit hard by COVID-19, with third-quarter accounts showing a $US1 billion ($1.5 billion) loss.
It is a setback that spurred Rupert Murdoch to join the growing list of senior executives forgoing their bonuses for this year.
But while the US, like the rest of the world, is feeling the heat from COVID-19, much of News Corp’s pain came from Australia.
As the owner of 65 per cent of pay TV operator Foxtel, News Corp’s accounts give an insight into how Foxtel is travelling.
And it’s not pretty.
As Foxtel’s future becomes ever more precarious, News has written down the value of its investment by $1.4 billion.
Telstra, which owns the other 35 per cent, has taken a $300 million hit.
It is a reflection of Foxtel’s deteriorating performance.
Earnings in the quarter were down 31 per cent, or $46 million, on 2019 and the 2019 third quarter result was 23 per