News Corp (NWSA) 2020 Q3 法說會逐字稿

Good day, and welcome to the News Corp's 3Q Fiscal 2020 Conference Call. Today's conference is being recorded. (Operator Instructions)

美好的一天，歡迎參加新聞集團 2020 財年第三季電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I would like to turn the conference over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

現在，我想將會議交給高級副總裁兼投資者關係主管 Mike Florin。請繼續。

Thank you very much. Hello, everyone, and welcome to News Corp's Fiscal Third Quarter 2020 Earnings Call. We issued our earnings press release about half an hour ago, and it's now posted on our website at newscorp.com.

非常感謝。大家好，歡迎參加新聞集團 2020 年第三季財報電話會議。我們大約半小時前發布了收益新聞稿，現在已發佈在我們的網站 newscorp.com 上。

On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We'll open with some prepared remarks, and we'll be happy to take questions from the investment community.

今天參加電話會議的是執行長羅伯特湯姆森 (Robert Thomson)；蘇珊‧帕努西奧 (Susan Panuccio)，財務長。我們將首先發表一些準備好的言論，並且很樂意回答投資界的問題。

This call may include certain forward-looking information with respect to News Corp's business and strategy. Actual results could differ materially from what is said. News Corp's Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionary statements regarding forward-looking information.

本次電話會議可能包括有關新聞集團業務和策略的某些前瞻性資訊。實際結果可能與所說的有重大差異。新聞集團的 10-K 表格和 10-Q 表格文件確定了可能導致實際結果出現差異的風險和不確定性，並包含有關前瞻性資訊的警告聲明。

Additionally, this call will include certain non-GAAP financial measurements, such as total segment EBITDA, adjusted segment EBITDA and adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in our earnings release.

此外，本次電話會議還將包括某些非 GAAP 財務衡量指標，例如分部 EBITDA 總額、調整後分部 EBITDA 和調整後每股盈餘。這些指標的定義以及公認會計原則與非公認會計原則的調節可以在我們的收益報告中找到。

With that, I'll pass it over to Robert Thomson for some opening comments.

接下來，我將把它轉交給羅伯特·湯姆森（Robert Thomson），請他發表一些開場評論。

Thanks, Mike. We are operating in a different difficult time, so this will be a rather different distant experience. Before the business of the day, I sincerely hope that all on this call, each of our investors, our business partners and their families are safe during this exacting era.

謝謝，麥克。我們正處於一個不同的困難時期，所以這將是一次相當不同的遙遠的經歷。在今天開始工作之前，我真誠地希望參加這次電話會議的所有人、我們的每一位投資者、我們的商業夥伴及其家人在這個嚴峻的時代都安全。

Every business and family is facing challenges, and our thoughts, in particular, are for those who are suffering under the curse of COVID-19 and have had to deal with complications from this dreaded disease. For our company, the safety of our employees has obviously been paramount. And many of our journalists have displayed much courage in recent months, including reporting from Wuhan, during the intense first phase of what has become a pandemic.

每個企業和家庭都面臨挑戰，我們尤其關心那些遭受 COVID-19 詛咒、不得不應對這種可怕疾病併發症的人。對我們公司來說，員工的安全顯然至關重要。近幾個月來，我們的許多記者在疫情大流行的第一階段展現了極大的勇氣，包括在武漢進行的報導。

I would also like to honor Anthony Causi who passed at a relatively young age, by which time he had already become a legendary sports photographer for the New York Post.

我還要向年紀輕輕就去世的安東尼·考西表示敬意，當時他已經成為《紐約郵報》的傳奇體育攝影師。

As noted in our 8-K filing with the SEC last month, we expected a broad impact on our business from the pandemic's inevitable economic consequences. We were affected somewhat in Q3, and those effects will likely be significantly more pronounced in the fourth quarter. As we expect this impact to continue in the near term, significant cost reductions have been implemented across the company and additional steps will be taken in coming months. These cuts are designed to deal with the short-term exigencies and to reposition the company for long-term growth. There will obviously be an impact on executive compensation.

正如我們上個月向 SEC 提交的 8-K 文件中指出的那樣，我們預計這場流行病不可避免的經濟後果將對我們的業務產生廣泛影響。我們在第三季受到了一些影響，這些影響在第四季可能會更加明顯。由於我們預計這種影響將在短期內持續，因此整個公司已實施大幅成本削減，並將在未來幾個月內採取額外措施。這些裁員旨在應對短期緊急情況並重新定位公司以實現長期成長。顯然這會對高階主管薪酬產生影響。

For many senior executives, bonuses are the largest component of their cash compensation, and this will be reduced by at least 20%. The cuts will be led by our Executive Chairman, Rupert Murdoch, who is voluntarily foregoing his entire cash bonus for the current fiscal year. And as Chief Executive, I will forgo 75% of my annual cash bonus. In addition, our Board of Directors have decided to reduce their cash compensation.

對許多高階主管來說，獎金是其現金薪酬的最大組成部分，而這一比例將至少減少20%。此次削減將由我們的執行主席魯珀特·默多克領導，他自願放棄本財年的全部現金獎金。作為首席執行官，我將放棄 75% 的年度現金獎金。此外，我們的董事會也決定減少他們的現金薪酬。

These significant cost reductions of all kinds across the company will clearly have a positive impact on our total segment EBITDA and our cash position and help mitigate some of the effects of the pandemic. We obviously leave open the possibility of further compensation cuts next fiscal year depending on the ongoing impact of the crisis.

全公司範圍內各種成本的大幅削減顯然將對我們的總部門 EBITDA 和現金狀況產生積極影響，並有助於減輕疫情的一些影響。顯然，我們保留下一財年進一步削減薪酬的可能性，這取決於危機的持續影響。

Turning now to the third quarter results for fiscal year 2020. Our revenues declined 8% to $2.3 billion, including a $78 million or 3% impact from adverse currency movements. Total segment EBITDA was down, although only 2% to $242 million.

現在轉向 2020 財年第三季業績。我們的營收下降 8% 至 23 億美元，其中包括不利匯率變動帶來的 7,800 萬美元影響，即 3% 的影響。部門 EBITDA 總額下降了 2%，至 2.42 億美元。

It is worth highlighting that operationally, adjusting for currencies, acquisitions and disposals and other items, mentioned in our release, our adjusted revenues were down 4%, but our adjusted total segment EBITDA rose 1%. Reported results also include a $1.1 billion noncash write-down, mostly attributable to Foxtel.

值得強調的是，在營運方面，根據我們新聞稿中提到的貨幣、收購和處置以及其他項目進行調整，我們調整後的收入下降了 4%，但調整後的總部門 EBITDA 成長了 1%。報告的表現還包括 11 億美元的非現金減記，主要歸因於 Foxtel。

At the News and Information Services segment, the sale of News America Marketing has formally closed. This is a significant step in terms of enhancing shareholder value and part of the continuing simplification of our company. A thorough reevaluation of our assets continues and a strategic review of our community and regional -- original newspapers in Australia is at an advanced stage. We are also reviewing ways to improve transparency in our segment disclosure, which will enable investors to better appreciate the inherent value in and the growth potential of Dow Jones, which we believe is the best business news and analysis brand in the world. We are working towards making that company's potential more obvious and to highlighting its various strengths, are certainly relative to other business brands and, for example, to the New York Times.

在新聞和資訊服務部門，News America Marketing 的出售已正式結束。這是提高股東價值的重要一步，也是我們公司持續簡化的一部分。對我們資產的徹底重新評估仍在繼續，對澳洲社區和地區原創報紙的策略審查已進入後期階段。我們也正在審查提高部門揭露透明度的方法，這將使投資者更好地欣賞道瓊斯的內在價值和成長潛力，我們認為道瓊斯是世界上最好的商業新聞和分析品牌。我們正在努力使該公司的潛力更加明顯，並突出其相對於其他商業品牌（例如紐約時報）的各種優勢。

Speaking of demand for premium content. As you know, we have entered into valuable partnerships with Apple and Facebook for use of our world-class journalism. Clearly, there are harbingers of positive change with Google, where the CEO, Sundar Pichai has shown a more enlightened socially empathetic attitude to journalism.

談到對優質內容的需求。如您所知，我們已與 Apple 和 Facebook 建立了寶貴的合作夥伴關係，以利用我們世界一流的新聞報道。顯然，Google出現了積極變革的先兆，其執行長桑達爾·皮查伊(Sundar Pichai)對新聞業表現出了更加開明的社會同理心態度。

In the past, some in Silicon Valley sought to create a system of petty patronage through faux philanthropic handouts and sententious sops, seemingly designed to institutionalize a mendicant media. Enlightened executives at Google patently seek more meaningful changes to a dysfunctional ecosystem. The terms of trade in the digital world are certainly changing. The regulatory pressure is also intensifying as 2 weeks ago, the Australian government announced the introduction of a mandatory code that would require the larger digital companies to pay for content, and to adjust their algorithms to give additional weight to original news. It is absolutely crucial that more be understood about the character, the power and the potential manipulation of algorithms in data.

過去，矽谷的一些人試圖透過虛假的慈善施捨和花言巧語來建立一種小額贊助制度，這似乎是為了將乞丐媒體制度化。谷歌開明的高階主管顯然在尋求對功能失調的生態系統進行更有意義的改變。數位世界的貿易條件肯定正在改變。監管壓力也在加劇，兩週前，澳洲政府宣布推出強制性法規，要求較大的數位公司為內容付費，並調整其演算法以賦予原創新聞更多權重。更多地了解資料演算法的特徵、力量和潛在操縱能力絕對是至關重要的。

A recent Wall Street Journal report on Amazon's business practices showed the potential danger of companies having a dominant horizontal marketplace and selling their own products in segment verticals. In essence, exploiting proprietary marketplace data and competing with and potentially undermining their clients.

《華爾街日報》最近關於亞馬遜商業行為的一篇報導顯示，擁有主導橫向市場並在垂直細分市場銷售自己產品的公司存在潛在危險。從本質上講，這是利用專有市場數據並與客戶競爭並可能損害其客戶。

In the third quarter, News and Information Services improved in profitability for the second straight quarter with 15% growth in segment EBITDA. Dow Jones recorded a particularly strong performance as digital paid subscriptions rose 20% year-on-year to more than 2.5 million average daily subs at quarter end. The Wall Street Journal's digital paid subs were up 15% to more than 2 million, also a record.

第三季度，新聞和資訊服務部門的獲利能力連續第二個季度有所改善，EBITDA 部門成長了 15%。道瓊指數的表現尤其強勁，截至季末，數位付費訂閱量年增 20%，每日平均訂閱量超過 250 萬。 《華爾街日報》的數位付費訂閱者成長了 15%，達到超過 200 萬，也創下了紀錄。

In recent days, The Journal has shown further acceleration, with total subscriptions reaching approximately 3 million for the first time, including 2.2 million digital-only. Overall, at the end of April, digital subscriptions rose over 20% year-on-year.

最近幾天，《華爾街日報》的訂閱量進一步成長，總訂閱量首次達到約 300 萬份，其中僅數位版訂閱量為 220 萬份。整體而言，4 月底數位訂閱量年增超過 20%。

Digital advertising at Dow Jones rose 25% year-over-year despite the challenges we faced with ad sales later in March. This is in strikingly marked contrast to the performance of the New York Times, where digital ad revenue actually declined 8%. I should repeat those figures for the purpose of clarity. Digital advertising rose 25% at Dow Jones, and it fell 8% at the New York Times. Dow Jones profit contribution improved and was a significant contributor to segment EBITDA growth, while EBITDA slumped 15% at the New York Times.

儘管 3 月晚些時候我們在廣告銷售方面面臨挑戰，但道瓊斯的數位廣告仍同比增長 25%。這與《紐約時報》的表現形成鮮明對比，後者的數位廣告收入實際上下降了 8%。為了清楚起見，我應該重複這些數字。道瓊斯數位廣告上漲 25%，紐約時報下跌 8%。道瓊斯的利潤貢獻有所改善，是該部門 EBITDA 成長的重要貢獻者，而《紐約時報》的 EBITDA 則下降了 15%。

We announced earlier this week that the Head of the Barron's Group, Almar Latur, will replace Will Lewis, as CEO from the middle of this month. Will certainly leaves Dow Jones in fine fettle and with enormous capacity for future growth.

我們本週稍早宣布，《巴倫周刊》集團的負責人阿爾瑪·拉圖爾 (Almar Latur) 將接替威爾·劉易斯 (Will Lewis)，從本月中旬開始擔任執行長。威爾無疑會讓道瓊斯保持良好的狀態，並擁有巨大的未來成長能力。

Speaking of Barron's, subscriptions rose 14% year-over-year. And over the past 4 years, under Almar's leadership, the digital audience at Barron's Group Brands has quadrupled.

說到《巴倫周刊》，訂閱量年增 14%。過去四年，在阿爾瑪的領導下，《巴倫周刊》集團品牌的數位受眾增加了四倍。

During the quarter, the Wall Street digital network broke records and hit 196 million unique users in March, up 155% versus the prior year. Traffic was particularly strong at MarketWatch in March, where users more than tripled to 90 million compared to the prior year. The professional information business reported a 5% increase in revenues with risk and compliance, once again demonstrating strength, rising 18% year-over-year.

本季度，華爾街數位網路打破了記錄，3 月的獨立用戶數達到 1.96 億，比上一年增長 155%。 3 月 MarketWatch 的流量尤其強勁，用戶數量比去年增加了兩倍多，達到 9,000 萬。專業資訊業務的風險與合規收入成長了5%，再次展現了實力，較去年同期成長18%。

Elsewhere in the segment, newspaper digital subscriptions at News Corp Australia were up 24% year-over-year, rising to more than 613,000 a quarter. And with 2/3 of subscriptions at The Australian now are digital-only. At News UK, The Sun reached 164 million global unique visitors in March, representing a 17% increase over December, according to Google Analytics. While at The Times and Sunday Times, digital subscriptions grew 21% year-over-year to 345,000, and now account for nearly 60% of the base.

在該領域的其他地方，澳洲新聞集團的報紙數位訂閱量年增 24%，每季增至超過 613,000 份。 《澳洲人報》現在 2/3 的訂閱都是數位訂閱。根據 Google Analytics 的數據，英國新聞社 3 月《太陽報》的全球獨立訪客數量達到 1.64 億，較 12 月成長 17%。而《泰晤士報》和《星期日泰晤士報》的數位訂閱量則是年增 21%，達到 345,000 份，目前佔基數的近 60%。

Meanwhile, the New York Post's advertising revenues in the quarter rose 19% and the post digital network had 169 million average monthly unique visitors, according to Google Analytics, up from 107 million in Q2.

同時，根據 Google Analytics 的數據，《紐約郵報》本季的廣告收入增加了 19%，該郵政數位網路平均每月獨立訪客數為 1.69 億，高於第二季的 1.07 億。

Turning now to Book Publishing. Revenue declines moderate at HarperCollins in the quarter compared to the first half, while segment EBITDA grew year-over-year despite very difficult comparisons. As more people have moved to work and study from home, we've seen a revival in e-book sales. We are particularly pleased with early sales for Joanna Gaines' Magnolia Table, Volume 2, which already sits atop the U.S. bestseller lists.

現在轉向圖書出版。與上半年相比，哈珀柯林斯公司本季的營收略有下降，儘管很難進行比較，但該部門的 EBITDA 仍同比增長。隨著越來越多的人在家工作和學習，我們看到電子書銷售的復甦。我們對 Joanna Gaines 的《木蘭桌》第 2 卷的早期銷售感到特別滿意，該書已經位居美國暢銷書排行榜榜首。

Digital real estate were showing solid progress through January and February, but began experiencing pandemic-related declines in March. Business at REA and realtor.com will depend on the reopening of the Australian and U.S. economies, but traffic to both sites remains encouraging. And realtor.com is outperforming the traffic trends of its house-flipping competitor, according to the March comScore data.

數位房地產在 1 月和 2 月表現出堅實的進展，但在 3 月開始經歷與疫情相關的下滑。 REA 和 realtor.com 的業務將取決於澳洲和美國經濟的重新開放，但這兩個網站的流量仍然令人鼓舞。根據 comScore 3 月的數據，realtor.com 的流量趨勢優於其炒房競爭對手。

In the Subscription Video Services segment, Kayo subscriptions rose to 444,000 in Q3, including trialist, which was more than double the prior year, and Kayo also showed strong growth over the prior quarter. That figure has obviously been adversely affected in recent weeks by the suspension of sports in Australia, as we disclosed in the earnings release.

在訂閱視訊服務領域，Kayo 第三季訂閱量增至 444,000 人，其中試用者數量比上年增長了一倍多，Kayo 也比上一季表現出強勁增長。正如我們在財報中所披露的那樣，最近幾週，這一數字顯然受到了澳洲體育賽事暫停的不利影響。

We are in serious negotiations with the major sports over a fundamental reset of rights costs. Susan will discuss the possible accounting impacts shortly.

我們正在與各大體育項目就版權費用的根本重置進行認真談判。蘇珊將很快討論可能的會計影響。

In coming weeks, we plan to launch our entertainment streaming product and expect that there will be strong demand, given the power of our media portfolio's marketing platform and the nascent demand in Australia. We're also very excited by the multiyear deal with WarnerMedia announced this week. That means Foxtel will be the exclusive home in Australia for HBO, the soon to launch HBO Max and other WarnerMedia hits.

在未來幾週內，我們計劃推出娛樂串流媒體產品，鑑於我們媒體組合行銷平台的力量以及澳洲的新興需求，預計需求將會強勁。我們也對本周宣布的與華納媒體的多年協議感到非常興奮。這意味著 Foxtel 將成為 HBO 在澳洲的獨家基地，HBO 即將推出 HBO Max 和華納媒體的其他熱門節目。

Let me now turn to the lingering impact of COVID-19, which began to have an effect towards the third quarter's end, but clearly will be a major factor in our Q4 results, as we signaled in our 8-K filing last month. I would first like to commend our leaders and our employees around the globe as we rapidly and successfully moved approximately 90% of our workforce, around 25,000 people, into a work-from-at-home environment. Looking at the longer term, we have clear plans for addressing the immediate challenges we face and for emerging vigorously on the other side of this crisis. This will not be done by random cost-cutting but by strategic decisions about the business we need to fashion for a profitable future. That strategy is informed by a candid assessment of our capabilities and deficiencies and a clear sense that the business environment will be very different when the world finally returns to the new abnormal.

現在讓我談談COVID-19 的揮之不去的影響，它在第三季末開始產生影響，但顯然將成為我們第四季業績的一個主要因素，正如我們在上個月的8-K文件中所暗示的。我首先要讚揚我們在全球的領導者和員工，我們迅速成功地將約 90% 的員工（約 25,000 人）轉移到了在家工作的環境中。從長遠來看，我們有明確的計劃來應對我們面臨的眼前挑戰，並在這場危機的另一邊積極崛起。這不是透過隨機削減成本來實現的，而是透過對我們需要塑造的未來獲利業務的策略決策來實現的。該策略的基礎是對我們的能力和缺陷的坦誠評估，並清楚地意識到，當世界最終回到新的常態時，商業環境將大不相同。

It is worth noting at this crucial time, that News Corp continues to have a strong balance sheet. As of March 31, we have $1.4 billion in cash and cash equivalents. And in addition, we have access to a $750 million corporate revolving credit facility, which remains undrawn. That bedrock of financial stability will help us weather the category-5 storm, as will the power of our brands and the energy and the creativity of our people.

值得注意的是，在這個關鍵時刻，新聞集團仍然擁有強勁的資產負債表。截至 3 月 31 日，我們擁有 14 億美元的現金和現金等價物。此外，我們還可以獲得 7.5 億美元的企業循環信貸額度，目前尚未提領。金融穩定的基石將幫助我們渡過第五類風暴，我們品牌的力量以及員工的活力和創造力也將如此。

The headwinds will buffer the company in the short term, but I'm extremely positive about our prospects for delivering long-term growth and increasing shareholder value.

不利因素將在短期內緩衝公司，但我對我們實現長期成長和增加股東價值的前景非常樂觀。

Now for more particulars on our results in this quarter, I turn to Susan Panuccio.

現在，有關我們本季度業績的更多詳細信息，我請蘇珊·帕努西奧 (Susan Panuccio) 詢問。

Thank you, Robert. Turning to the financials. Fiscal 2020 third quarter total revenues were approximately $2.3 billion, down 8% versus the prior year, and total segment EBITDA was $242 million, down 2% versus the prior year.

謝謝你，羅伯特。轉向財務。 2020財年第三季總營收約23億美元，較上年下降8%，分部EBITDA總額為2.42億美元，較上年下降2%。

Currency headwinds negatively impacted revenues and total segment EBITDA by 3% and 6%, respectively. On an adjusted basis, which excludes the impact of acquisitions, divestitures and currency fluctuations and the other items disclosed in our release, revenues fell 4%, and total segment EBITDA increased 1%.

貨幣逆風對收入和總部門 EBITDA 分別產生了 3% 和 6% 的負面影響。在調整後的基礎上，不包括收購、資產剝離和貨幣波動以及我們新聞稿中披露的其他項目的影響，收入下降了 4%，總部門 EBITDA 增長了 1%。

For the quarter, we reported losses per share of $1.24 as compared to earnings per share of $0.02 in the prior year. The loss includes $1.1 billion of noncash impairment charges primarily related to a write-down of goodwill intangible assets of Foxtel and the reclassification of News America Marketing to assets held for sale. Adjusted earnings per share were $0.03 in the quarter compared to $0.04 in the prior year. Before going into the quarterly detail, I will add to Robert's comments on the COVID-19 pandemic, which is expected to have a significant impact on near-term operating results. Immediate cost actions are underway. Variable costs have obviously been reduced with a heightened focus on the reduction of discretionary spend and nonessential CapEx, together with a thorough review of all head count requirements. We are accelerating plans to reduce costs across the business in the medium term, particularly at our News and Information Services segment. These initiatives include, but are not limited to global shared services to centralize our back-office functions, a thorough review of our property and office footprints and reviewing our printing operations around the globe, whereby we have already announced the printing suspension of 60 community newspapers in Australia.

本季度，我們報告每股虧損 1.24 美元，而上一年每股收益為 0.02 美元。該損失包括 11 億美元的非現金減損費用，主要與 Foxtel 商譽無形資產的減記以及將 News America Marketing 重新分類為待售資產有關。本季調整後每股收益為 0.03 美元，去年同期為 0.04 美元。在討論季度細節之前，我將補充羅伯特對 COVID-19 大流行的評論，預計這將對近期經營業績產生重大影響。立即採取的成本行動正在進行中。變動成本明顯降低，更注重減少可自由支配支出和非必要資本支出，並對所有人員數量要求進行徹底審查。我們正在加快計劃，以在中期降低整個業務的成本，特別是在我們的新聞和資訊服務部門。這些舉措包括但不限於全球共享服務以集中我們的後台職能、徹底審查我們的財產和辦公室足跡以及審查我們在全球的印刷業務，據此我們已經宣布暫停 60 種社區報紙的印刷在澳大利亞。

Finally, in relation to company-wide liquidity, it is important to note the only debt exposures we have are at our non-100%-owned subsidiaries, Foxtel and REA, and these are non-recalls to News Corp. We are not anticipating any covenant issues at Foxtel over the next 12 months, and we have no plans to provide any additional shareholder funding.

最後，就公司範圍內的流動性而言，值得注意的是，我們唯一的債務風險來自於我們非 100% 持股的子公司 Foxtel 和 REA，而這些債務並未對新聞集團進行召回。未來12個月內Foxtel 的任何契約問題，我們沒有計劃提供任何額外的股東資金。

With that as a backdrop, I will now discuss the quarterly results for the individual operating segments. In News and Information Services, revenues for the quarter were over $1.1 billion, down 8% versus the prior year. On an adjusted basis, revenues declined 5%. Advertising revenues fell 14% with declines most notably at News America Marketing and in News Australia, while circulation and subscription revenue grew 1%. Currency negatively impacted segment revenues by 2%. Results were also impacted by $14 million from the outbreak of COVID-19.

以此為背景，我現在將討論各個營運部門的季度表現。在新聞和資訊服務領域，本季營收超過 11 億美元，比上年下降 8%。調整後的收入下降了 5%。廣告收入下降了 14%，其中美國新聞行銷部門和澳洲新聞部門的下降最為明顯，而發行量和訂閱收入則增加了 1%。貨幣對部門收入產生了 2% 的負面影響。結果也受到 COVID-19 爆發造成的 1,400 萬美元的影響。

Digital revenues for Dow Jones and the newspaper mastheads represented 42% of their combined revenues, up from 36% in the prior year. Segment EBITDA for the quarter was $75 million, up 15% from $65 million in the prior year, benefiting from increased contributions at Dow Jones, improvements at The New York Post and the absence of losses from Unruly, partially offset by lower contribution from NAM.

道瓊斯和報紙報頭的數位收入佔其總收入的 42%，高於前一年的 36%。本季的部門 EBITDA 為 7,500 萬美元，比上一年的 6,500 萬美元增長 15%，受益於道瓊斯貢獻增加、《紐約郵報》改善以及 Unruly 沒有虧損，部分被 NAM 貢獻減少所抵消。

At Dow Jones, consumer circulation revenues grew a healthy 4%, reflecting a 20% growth in digital paid subscribers across Dow Jones' consumer products, including a 15% growth in digital-only paid subscribers at The Wall Street Journal. Total Wall Street Journal subscribers exceeded 2.8 million in the quarter, an 8% increase from the prior year, which is an acceleration from the second quarter's growth rate.

在道瓊斯，消費者流通收入健康成長了 4%，反映出道瓊消費產品的數位付費訂戶成長了 20%，其中《華爾街日報》的純數位付費訂戶成長了 15%。本季《華爾街日報》訂閱總數超過 280 萬，較上年增長 8%，較第二季增速加快。

Professional Information Business revenues accounted for 29% of Dow Jones' revenues this quarter, growing 5% to $114 million, reflecting an 18% growth in Risk and Compliance revenues.

本季專業資訊業務收入佔道瓊斯收入的 29%，成長 5%，達到 1.14 億美元，反映出風險與合規收入成長 18%。

Advertising revenues at Dow Jones fell 2% this quarter. But as Robert mentioned, we saw a sharp acceleration in digital advertising revenues, posting 25% year-over-year growth. Digital advertising represented 47% of Dow Jones' advertising revenues. Overall, Dow Jones had revenue growth of 5% and another quarter of positive contribution to segment EBITDA growth.

道瓊斯的廣告收入本季下降了 2%。但正如羅伯特所提到的，我們看到數位廣告收入急劇加速，年增 25%。數位廣告佔道瓊斯廣告收入的 47%。總體而言，道瓊斯的收入成長了 5%，又一個季度對部門 EBITDA 成長做出了積極貢獻。

Elsewhere, advertising revenues at News UK fell 10% on a reported basis and 8% in local currency, weaker than the past 2 quarters despite strength in digital. Trends at News Australia have remained very challenging, with advertising revenues down 20% on a reported basis and 30% down in local currency. Finally, at News America Marketing, revenues fell 16%.

在其他地方，儘管數位業務強勁，但 News UK 的廣告收入按報告計算下降了 10%，以當地貨幣計算下降了 8%，低於過去兩個季度。 News Australia 的趨勢仍然非常具有挑戰性，據報道，廣告收入下降了 20%，以當地貨幣計算下降了 30%。最後，News America Marketing 的收入下降了 16%。

Turning to the Subscription Video Services segment. Revenues for the quarter were $462 million, down 14% versus $539 million in the prior year or down 7% in local currency. The revenue decline was primarily driven by lower broadcast subscribers. Broadcast subscriber trends were relatively similar to the prior quarter with COVID-19 restrictions in Australia coming into place in the last week of the quarter. Foxtel also faced lower advertising revenues, reflective of the overall TV marketplace. Segment EBITDA in the quarter was $68 million, down 31% from the prior year, driven by the revenue decline, partially offset by renegotiated license fees and the timing of sports rights and the production costs due to COVID-19-related suspensions. Overall costs were down 11% on a reported basis.

轉向訂閱視訊服務部分。該季度營收為 4.62 億美元，比去年同期的 5.39 億美元下降 14%，以當地貨幣計算下降 7%。收入下降主要是因為廣播訂戶數量減少所致。廣播訂戶趨勢與上一季相對相似，澳洲於本季最後一週實施了 COVID-19 限制。 Foxtel 也面臨廣告收入下降的問題，這反映了整個電視市場的情況。本季的分部EBITDA 為6,800 萬美元，較上年下降31%，原因是收入下降，但部分被重新談判的許可費、體育賽事轉播權的時間安排以及因COVID-19 相關暫停而產生的製作成本所抵銷。據報道，總體成本下降了 11%。

Foxtel's closing paid subscriber base was approximately 2.93 million as of March 31, reflecting a 1% year-over-year growth driven by Kayo subscribers. Through quarter end, Kayo's total subscriber base, which, including trialists, increased 444,000, up from 199,000 last year. In fact, we reached over 470,000 total Kayo subscribers by March 22, the start of the Winter Sports season. However, subscribers have declined in recent weeks with the suspension of the NRL and AFL seasons as well as Rugby, motor sports and other international sporting codes, like the NBA. Kayo viewers remained highly engaged during the quarter, and we expect an uptick in subscribers that will clearly depend on the quality and quantity of NRL and AFL games once they have resumed. As of May 2, there were more than 272,000 paying Kayo subscribers.

截至 3 月 31 日，Foxtel 的付費用戶數量約為 293 萬，在 Kayo 用戶的推動下年增 1%。截至季末，Kayo 的總用戶群（包括試用者）從去年的 199,000 人增加到 444,000 人。事實上，截至 3 月 22 日冬季運動賽季開始時，Kayo 訂閱者總數已超過 47 萬名。然而，最近幾週，隨著 NRL 和 AFL 賽季以及橄欖球、賽車運動和 NBA 等其他國際體育賽事的暫停，訂戶數量有所下降。 Kayo 觀眾在本季度仍保持高度參與度，我們預計訂戶數量的增加顯然將取決於 NRL 和 AFL 比賽恢復後的質量和數量。截至 5 月 2 日，Kayo 付費訂閱用戶超過 272,000 人。

We have been beta testing Foxtel's new drama and entertainment streaming service, and we expect to launch commercially in the coming weeks, and we're very pleased to announce the WarnerMedia deal to support the launch.

我們一直在對 Foxtel 的新戲劇和娛樂串流服務進行 Beta 測試，預計將在未來幾週內進行商業推出，我們非常高興地宣布與 WarnerMedia 達成交易以支持該服務的推出。

In the third quarter, broadcast churn improved for the first time in almost 2 years to 17.5%, which was 20 basis points lower versus the prior year. Broadcast ARPU remained relatively stable at AUD 79.

第三季度，廣播客戶流失率近兩年來首次改善至 17.5%，比前一年下降了 20 個基點。廣播 ARPU 保持相對穩定，為 79 澳元。

At Book Publishing, HarperCollins had a strong quarter with revenues down 2% to $412 million and segment EBITDA up 4% to $55 million, despite a very tough comparison against the prior year, which had segment EBITDA growth of 29%. We saw improvement performance in General Books, children's and in the U.K. Digital sales grew 3% year-over-year to 23% of consumer revenue, which included improvements in downloadable audio books.

在書籍出版方面，哈珀柯林斯公司的季度表現強勁，收入下降2%，至4.12 億美元，而該部門的EBITDA 增長了4%，至5500 萬美元，儘管與上一年相比非常艱難，上一年該部門的EBITDA 成長了29%。我們看到普通圖書、兒童圖書和英國數位圖書銷量的成長，佔消費者收入的 23%，年增 3%，其中包括可下載有聲書的改進。

At the Digital Real Estate Services segment, revenues decreased 4% to $261 million due to the negative impact from foreign currency fluctuations. On an adjusted basis, revenues were flat. Segment EBITDA rose 1% to $74 million or 9% on an adjusted basis. REA Group revenues fell 5%. However, without the $12 million foreign currency impact, REA grew modestly in local currency. This is an improvement from the first half performance benefiting from renewed growth in financial services. Australian listing volume declines moderated to down 7%, which reflects mid single-digit growth in metro Melbourne and Sydney. REA also saw strong traffic metrics achieving record levels in visits and audience during the quarter.

由於外匯波動的負面影響，數位房地產服務部門的收入下降了 4%，至 2.61 億美元。調整後的收入持平。部門 EBITDA 成長 1%，達到 7,400 萬美元，調整後成長 9%。 REA 集團營收下降 5%。然而，在沒有 1,200 萬美元外匯影響的情況下，以當地貨幣計算，REA 略有成長。受惠於金融服務業的重新成長，這一業績較上半年有所改善。澳洲掛牌交易量下降幅度放緩至 ​​7%，反映出墨爾本和雪梨都會區出現中個位數成長。 REA 也看到強勁的流量指標在本季度達到了創紀錄的訪問量和觀眾水平。

However, COVID-19-related government policies and restrictions, including bans on open-home inspections and in-person auctions have led to reduced listing volumes in recent weeks. In response to the impacts from the pandemic, REA has implemented a number of relief packages to support its customers, including short-term pricing concessions and changes to listing products to provide greater flexibility for customers. Please refer to REA's earnings release and their conference call immediately following this call for more details.

然而，與 COVID-19 相關的政府政策和限制，包括禁止看房和現場拍賣的禁令，導致最近幾週掛牌量減少。為了因應疫情的影響，REA 實施了一系列紓困方案來支援客戶，包括短期價格優惠和上市產品變更，為客戶提供更大的靈活性。請參閱 REA 的收益發布以及本次電話會議後立即舉行的電話會議，以了解更多詳細資訊。

Move revenues declined 2% to $118 million, with real estate revenues relatively flat. Traffic remained strong with unique users in the quarter, up 6% to $68 million. Prior to the COVID-19 pandemic, Move was on a solid growth trajectory in January and February, with improved growth in traffic and leads and was on pace to deliver strong second half revenue. However, by mid-March, seller to REA and other digital real estate portals, both trends reversed.

搬家收入下降 2% 至 1.18 億美元，其中房地產收入相對持平。本季獨立用戶流量依然強勁，成長 6% 至 6,800 萬美元。在 COVID-19 大流行之前，Move 在 1 月和 2 月保持穩健的成長軌跡，流量和銷售線索成長有所改善，並有望在下半年實現強勁的收入。然而，到了 3 月中旬，對於 REA 和其他數位房地產入口網站的賣家來說，這兩種趨勢都發生了逆轉。

In response to the pandemic, REALTOR instituted billing relief initiative in late March for its customers, which was subsequently extended into May with some modification to the offer. The initiative, together with other COVID-19-related impacts reduced third quarter revenues by an estimated $6 million.

為了應對這一流行病，房地產經紀人在 3 月下旬為其客戶制定了帳單減免計劃，該計劃隨後延長至 5 月，並對優惠進行了一些修改。該舉措加上其他與 COVID-19 相關的影響，導致第三季收入預計減少 600 萬美元。

I would now like to talk about some of the themes in the upcoming quarter. Forecasting has been challenging, so I will discuss what we have seen in April and frame the relevant risks. At News and Information Services, we expect advertising and single-copy sale revenues in the segment to be adversely affected as a result of widespread business closures and social distancing measures. For a framework, advertising revenues, excluding News America Marketing, represented approximately 34% of segment revenues in the third quarter. In April, advertising revenues at Dow Jones was down more than 20% with digital down modestly. Advertising revenues at Australia and the U.K. were down more than 45% on a reported basis or around 40% in local currency.

我現在想談談下一季的一些主題。預測一直具有挑戰性，因此我將討論我們在四月所看到的情況並框架相關風險。在新聞和資訊服務領域，我們預計該領域的廣告和單份銷售收入將因廣泛的企業關閉和社交距離措施而受到不利影響。就框架而言，廣告收入（不包括新聞美國行銷）約佔第三季細分市場收入的 34%。 4 月份，道瓊斯的廣告收入下降了 20% 以上，其中數位廣告收入略有下降。據報道，澳洲和英國的廣告收入下降了 45% 以上，以當地貨幣計算下降了 40% 左右。

As I mentioned earlier, we are taking aggressive cost action to mitigate these revenue declines within the segment. At the same time, we have also continued to see strong growth in digital subscribers across the key properties in April, including over 20% year-on-year growth in digital-only subscribers of The Wall Street Journal. In the third quarter, approximately 75% of Dow Jones' revenues were subscription-based, providing much more visibility and stability. Digital revenues accounted for 68% of Dow Jones revenues and digital paid subscribers accounted for 73% of The Wall Street General subscriber base.

正如我之前提到的，我們正在採取積極的成本行動，以緩解該領域的收入下降。同時，我們也看到 4 月主要媒體的數位訂戶數量持續強勁成長，其中《華爾街日報》的純數位訂戶年增超過 20%。第三季度，道瓊斯大約 75% 的收入來自訂閱，這提供了更多的可見度和穩定性。數位收入佔道瓊斯收入的 68%，數位付費訂戶佔《華爾街普通》訂戶群的 73%。

In Subscription Video Services, we anticipate an increase in broadcast churn with the suspension of the NRL and AFL seasons. For April, broadcast churn has been fairly stable, although we have seen lower sports tier and Kayo subscribers, as you would expect. Closures of pubs and clubs and lower occupancy at hotels throughout Australia are also expected to adversely impact commercial subscription revenues, together with a downturn in advertising revenue.

在訂閱視訊服務中，我們預計隨著 NRL 和 AFL 賽季的暫停，廣播流失率將會增加。 4 月份，廣播用戶流失率相當穩定，儘管我們看到了較低的體育級別和 Kayo 訂戶，正如您所期望的那樣。澳洲各地酒吧和俱樂部的關閉以及酒店入住率的下降預計也會對商業訂閱收入以及廣告收入下降產生不利影響。

The team at Foxtel has implemented several initiatives, including opening up additional entertainment content to all subscribers and providing Foxtel broadband customers with unlimited data allowances for streaming. As for sports rights accounting, Foxtel amortizes event-based sports like Formula 1, which have no dedicated channels upon the occurrence of the events. Consequently, the third quarter included about USD 9 million of costs that were deferred due to events canceled or postponed. Channel-based sports rights, such as the AFL, NRL and domestic cricket are expensed on a straight-line basis over the year. The third quarter included a full amount of rights fees for all 3 of those sports. In the event that the NRL and AFL do not resume this season in the fourth quarter, we would plan to defer those costs until the sports resume. All the sports-based contracts have different terms and conditions, and we are currently in discussions with the leagues around the best way to move forward and to value the season that remains.

Foxtel 團隊實施了多項舉措，包括向所有訂戶開放額外的娛樂內容，以及為 Foxtel 寬頻客戶提供無限的串流數據流量。至於體育賽事權益核算，Foxtel 對像一級方程式賽車這樣基於賽事的體育運動進行攤銷，這些體育賽事在賽事發生時沒有專門的管道。因此，第三季包括約 900 萬美元的成本，這些成本因活動取消或延遲而被推遲。以頻道為基礎的體育賽事轉播權，例如 AFL、NRL 和國內板球比賽，以直線法逐年支出。第三季包括所有這三項運動的全額版權費。如果 NRL 和 AFL 無法在本賽季第四季度恢復，我們計劃將這些費用推遲到體育賽事恢復為止。所有基於體育的合約都有不同的條款和條件，我們目前正在與聯盟討論前進和重視剩餘賽季的最佳方式。

As a framework, the quarterly cost between the AFL and NRL prior to the suspensions were AUD 95 million or approximately USD 60 million. In addition, we also expect an approximately $10 million impact from the accelerated entertainment amortization in the fourth quarter.

作為一個框架，停賽前 AFL 和 NRL 之間的季度成本為 9500 萬澳元，約 6000 萬美元。此外，我們也預計第四季娛樂攤提加速將產生約 1000 萬美元的影響。

In Book Publishing, as the retail market adjusted to stay-at-home restrictions by closing a number of bricks-and-mortar stores, HarperCollins saw strong growth in online sales with e-books returning to growth. Our release slate is largely intact, and as Robert mentioned, one of our top books for the year, Joanna Gaines' Magnolia Table, Volume 2, is selling very well.

在圖書出版領域，隨著零售市場關閉一些實體店以適應居家限制，哈珀柯林斯在線銷售強勁增長，電子書恢復增長。我們的發行名單基本上完好無損，正如羅伯特提到的，我們今年的熱門書籍之一，喬安娜·蓋恩斯的《木蘭桌》，第 2 卷，銷量非常好。

At Digital Real Estate Services, as noted in their release, REA anticipates a challenging listing environment given the government social distancing measures, with April new buy listings falling 33%. REALTOR is facing lower real estate transactions, but encouragingly, lead volume and unique users have shown improvements in recent weeks. Both companies have taken proactive relief measures to extend credit to their respective customers with discounts or other similar measures, which will have an adverse impact on revenues.

正如 Digital Real Estate Services 在其新聞稿中指出的那樣，鑑於政府的社交距離措施，REA 預計上市環境將面臨挑戰，4 月新買房掛牌量將下降 33%。房地產經紀人面臨房地產交易量下降的問題，但令人鼓舞的是，最近幾週的潛在客戶數量和獨特用戶數量有所改善。兩家公司都採取了積極的救濟措施，透過折扣或其他類似措施向各自的客戶提供信貸，這將對收入產生不利影響。

CapEx for the year is expected to come down significantly to around $435 million compared to $572 million last year, which includes a 35% to 40% decline at Foxtel, an update on our initial guidance of approximately 20% year-on-year reduction.

今年的資本支出預計將大幅下降至 4.35 億美元左右，而去年為 5.72 億美元，其中 Foxtel 的資本支出下降了 35% 至 40%，這是我們對同比下降約 20% 的初步指導的更新。

Finally, a word about our tax rate. From a P&L perspective, we expect an unusually high tax rate for the full year due to certain operating losses in foreign jurisdictions that we are unable to take deductions against. This is a P&L impact, not a cash impact.

最後，談談我們的稅率。從損益表的角度來看，由於我們無法扣除外國司法管轄區的某些營運虧損，我們預計全年稅率將異常高。這是損益影響，不是現金影響。

As I mentioned, these are unique times, but we believe with our strong liquidity position, market-leading brands, our emphasis on digital transformation as well as a more aggressive focus on cost measures, News Corp is well positioned to weather the current crisis.

正如我所提到的，這是一個獨特的時期，但我們相信，憑藉我們強大的流動性狀況、市場領先的品牌、對數位轉型的重視以及對成本措施的更加積極的關注，新聞集團完全有能力度過當前的危機。

With that, let me hand it over to the operator for Q&A.

那麼，讓我將其交給接線員進行問答。

(Operator Instructions) We'll take our first question from Alexia Quadrani from JPMorgan.

（操作員說明）我們將回答來自摩根大通的 Alexia Quadrani 的第一個問題。

Can you elaborate on the strength in the digital advertising you highlighted in the quarter, at The Wall Street Journal? It sounded like in April, it softened a little bit, but it still seems like it's coming in probably better than what we're seeing in the industry and I'm wondering if it was specific to certain verticals that continue to be strength in your product mix. And then just a follow-up on the makeup of the strong growth in digital subscribers also at The Journal. Is it international, domestic? Anything different, maybe younger? Or is it pretty much just more of everything that you've been seeing for a while?

您能否詳細介紹一下您在《華爾街日報》本季強調的數位廣告的實力？聽起來像是在四月份，它有點軟化了，但看起來它的表現可能比我們在行業中看到的要好，我想知道它是否特定於某些在您的行業中繼續保持強勢的垂直領域。產品組合。接下來是《華爾街日報》數位訂戶強勁成長的後續情況。是國際的還是國內的？有什麼不同嗎，也許更年輕？或者它只是你一段時間以來所看到的一切的更多內容？

Well, thanks, Alexia. Look, in terms of who the subscribers are, obviously, we have had strong growth in U.S. subscriptions. And I think the thing to remember about Wall Street Journal subscriptions, is it -- once you have a subscriber, you also have an opportunity to upsell. And so we're particularly seeing growth, for example, in subscriptions coming from MarketWatch to The Journal and from MarketWatch to Barron's and as well as that from The Journal to Barron's. And then for the more specialist Wall Street Journal subscribers, there's an opportunity to sell them -- to upsell them to our premium business products, which obviously have a higher yield.

嗯，謝謝，亞歷克西婭。看，就訂閱者是誰而言，顯然，我們在美國的訂閱量增長強勁。我認為關於《華爾街日報》訂閱要記住的一點是——一旦你有了訂閱者，你就有機會進行追加銷售。因此，我們特別看到了成長，例如，從 MarketWatch 到《華爾街日報》、從 MarketWatch 到《巴倫周刊》以及從《華爾街日報》到《巴倫周刊》的訂閱量。然後，對於更專業的《華爾街日報》訂閱者來說，有機會出售它們——將它們追加銷售到我們的優質商業產品，這顯然具有更高的收益。

In terms of advertising, clearly, traffic has been particularly strong. There had been, as you may well be aware, some concerns early in the COVID crisis about blocking of ads related to COVID crisis coverage. Gradually, that problem has diminished. And so we are noticing that the amount of advertising we're getting is matching, not quite, but to some extent, the significant increases in traffic we've had across The Wall Street Journal and MarketWatch. We noticed that tech advertising has increased. Custom advertising is also on the rise. And to a certain extent, programmatic. But I think for our business, quite frankly, it's an extraordinary opportunity because big clients are coming straight to The Wall Street Journal and to our other publishing houses around the world.

顯然，在廣告方面，流量尤其強勁。正如您可能很清楚的那樣，在新冠危機初期，人們對屏蔽與新冠危機報道相關的廣告存在一些擔憂。漸漸地，這個問題就減少了。因此，我們注意到，我們獲得的廣告數量與《華爾街日報》和 MarketWatch 上的流量顯著增加相匹配（雖然不完全匹配），但在某種程度上是匹配的。我們注意到科技廣告增加。客製化廣告也在不斷增加。在某種程度上，程序化。但坦白說，我認為對於我們的業務來說，這是一個非凡的機會，因為大客戶直接來到《華爾街日報》和我們在世界各地的其他出版社。

And they want to deal directly with us rather than necessarily through an advertising agency. And while this is, at the moment, a short-term phenomenon, there are indications that this may very well become a long-term trend.

他們希望直接與我們打交道，而不是透過廣告公司。雖然目前這只是一種短期現象，但有跡象表明這很可能成為長期趨勢。

I think Alexia, the only other thing that I would add to that is the other pleasing thing that we've seen is the average age is broadening out. And so we did have an average age of around 60, and it's now around 47 as a consequence of those subscribers coming in, so that's pleasing as well.

我認為 Alexia，我要補充的唯一另一件事是我們看到的另一件令人高興的事情是平均年齡正在擴大。我們的平均年齡確實在 60 歲左右，由於訂閱者的加入，現在平均年齡在 47 歲左右，所以這也令人高興。

And if I could further complement Susan by saying that what we've noticed, for example, among Wall Street Journal readers on Apple News+, is that historically, there've been, shall we say, a disproportionate number of men reading The Wall Street Journal, the breakdown is around 75% male, 25% female. Just at this moment, the readership of The Wall Street Journal on the Apple News+ side is majority women, minority men.

如果我可以進一步補充蘇珊的話，我們注意到，例如，在 Apple News+ 上的《華爾街日報》讀者中，從歷史上看，我們應該說，閱讀《華爾街日報》的男性數量不成比例。《雜誌》的數據顯示，男性比例約75%，女性比例為25%。就在此時此刻，Apple News+ 版《華爾街日報》的讀者群以女性為主，男性為少數。

The next question comes from Entcho Raykovski from Crédit Suisse.

下一個問題來自瑞士信貸銀行的 Entcho Raykovski。

A couple for me. Just the first one, you've obviously mentioned the sports rights deals and you've given us a good framework on what happens on a quarterly basis. But just interested whether you see this is as an opportunity to renegotiate some of those sports rights deals longer term? Do you think they can genuinely be any longer-term savings? And I mean do you think that's warranted given some of the fairly high costs? So interested in your thoughts on that issue. And secondly, are you able to quantify the potential impact of the relief measures that move in Q4? And do you expect that, that'll continue to remain in place beyond that?

給我一對。只是第一個，您顯然提到了體育賽事轉播權交易，並且您為我們提供了一個關於每季度發生的情況的良好框架。但只是想知道您是否認為這是一個重新談判一些長期體育版權交易的機會？您認為它們真的可以成為長期儲蓄嗎？我的意思是，考慮到一些相當高的成本，您認為這是有道理的嗎？對您對此問題的想法非常感興趣。其次，您能否量化第四季度採取的救助措施的潛在影響？您是否認為這一點會在此之後繼續保持不變？

Entcho, first of all, on sports rights, obviously, it's inappropriate to go into detail at this stage. But there obviously needs to be a fundamental reset. The idea that things will suddenly turn to normal this season is absurd. It's not just the quantity of games, it's the quality of the experience, and that has obviously been diminished. And that reset has to apply longer-term to rights in Australia. In essence, there is a new reset reality.

Entcho首先是關於體育權利的問題，顯然現階段不宜詳述。但顯然需要根本性的重置。認為本賽季一切會突然恢復正常的想法是荒謬的。不僅是遊戲的數量，還有體驗的質量，而這顯然已經減少了。這種重置必須長期適用於澳洲的權利。本質上，這是一個新的重置現實。

And Entcho, just in relation to your question on Move, we haven't given that for Q4, but what I can say is we implemented the measures on the 19th of March in relation to Move and the impact of that in Q3 was $6 million. So you can use that as a proxy for your run rate. And we haven't made any announcement as to any further extension in Malaysia.

Entcho，就您關於Move 的問題而言，我們沒有給出第四季度的情況，但我可以說的是，我們於3 月19 日實施了與Move 相關的措施，該措施對第三季度的影響為600 萬美元。因此，您可以使用它作為運行率的代理。我們還沒有宣佈在馬來西亞進一步延期。

The next question comes from Craig Huber from Huber Research Partners.

下一個問題來自 Huber Research Partners 的 Craig Huber。

On the newspaper side in Australia, on the cost-cutting side, there's a lot, at least announced and are written out there, about your newspapers. Some of them down there, you're shutting down the hard copies version and going digital-only and stuff. Can you just if -- just talk a little bit further about that. And if -- just like -- I'm curious, like what percentage of your print subs down there would you have shut down that are moved to online-only as the business model, for example, in that market? So I mean is this just like only 10%, 15%, 20% of the subs down there? I mean how significant is it? That's my first question.

在澳洲的報紙方面，在削減成本方面，有很多關於你們報紙的內容，至少已經宣布並寫了出來。其中一些，你要關閉硬拷貝版本，轉而只使用數位版本等等。你能不能──再進一步談談這個問題。如果——就像——我很好奇，你會關閉多少比例的印刷訂閱者，並將其轉移到僅在線作為商業模式，例如，在該市場？所以我的意思是，這就像那裡只有 10%、15%、20% 的替補嗎？我的意思是它有多重要？這是我的第一個問題。

And then my second question is, I guess, on the newspaper side as well, just generally, do you think you have a lot more cost you can take out of the U.S. for Wall Street Journal, Dow Jones, U.K. and Australia? Do you think you have a lot more cost you can take out in reaction to this virus situation?

然後我的第二個問題是，我想，在報紙方面，一般來說，您認為您可以為《華爾街日報》、道瓊斯、英國和澳洲從美國拿出更多的成本嗎？您認為應對這種病毒情況可以花費更多成本嗎？

Look, I'll take the second question first, Craig. Clearly, we're constantly reviewing costs. And that is costs in headquarters where there have been significant reductions in recent days. And right through where we're looking for efficiencies in tax spend. We're looking for the efficiencies that come from the closer coordination that really has been underway in recent years, it's not a new phenomenon, but it gives us an opportunity to look across businesses very, very closely, measured at different cost levels and respond appropriately. What we're not going to do is cut cost in a way that undermines the editorial integrity of the leading news organization in the world.

聽著，我先回答第二個問題，克雷格。顯然，我們正在不斷審查成本。這是總部的成本，最近幾天已經大幅削減。這正是我們尋求稅收支出效率的地方。我們正在尋找近年來真正正在進行的更密切協調所帶來的效率，這不是一個新現象，但它使我們有機會非常非常密切地審視各個業務，以不同的成本水平進行衡量並做出回應適當地。我們不會以破壞世界領先新聞機構編輯誠信的方式削減成本。

And Craig, just in relation to the masthead down in Australia. So the masthead that we've seized printing at the moment were community mastheads, which are not subscription-related to their advertising-related products. And as Robert mentioned, we are undertaking a detailed strategic view of the entire regional and community portfolio down in Australia. So the regional mastheads will have subs attached to them but not the communities. And then just to supplement on the cost side. I mean I agree and echo with Robert's points. But we do believe that across all our businesses on a global scale, particularly when we think about our back-office functions, that we do have some significant opportunities that we can unlock. We have been actively working on those measures over the course of the last 12 months, particularly looking at tech. But we do believe that there's a lot more opportunities we can do as we broaden the scope of that as we move forward.

還有克雷格，就與澳洲的報頭有關。因此，我們目前掌握的印刷標頭是社群標頭，與廣告相關產品無關。正如羅伯特所提到的，我們正在對澳洲的整個區域和社區投資組合進行詳細的策略性審查。因此，地區報頭將附有潛水艇，但社區則不會。然後只是在成本方面進行補充。我的意思是我同意並同意羅伯特的觀點。但我們確實相信，在我們全球範圍內的所有業務中，特別是當我們考慮我們的後台職能時，我們確實擁有一些可以釋放的重要機會。在過去 12 個月裡，我們一直在積極致力於這些措施，特別是在科技方面。但我們確實相信，隨著我們前進，隨著我們擴大範圍，我們可以做更多的機會。

(Operator Instructions) Our next question comes from Brian Han from Morningstar.

（操作員說明）我們的下一個問題來自晨星公司的 Brian Han。

Robert, does the current environment help the simplification program that you have going for News Corp? And -- or does it make it actually more complicated, especially for asset sales? And also, Susan, the impairment charge taken at Foxtel, was that more driven by changes in assumptions related to the traditional Foxtel business? Or have your views for Kayo and Foxtel now also changed?

羅伯特，當前的環境對您為新聞集團制定的簡化計劃有幫助嗎？或者說這實際上會讓事情變得更加複雜，尤其是對於資產出售？另外，Susan，Foxtel 收取的減損費用是否更多是由與傳統 Foxtel 業務相關的假設變化所驅動的？或者您對 Kayo 和 Foxtel 的看法現在也改變了嗎？

Brian, clearly, the simplification was a pre-existing program. But to a certain extent, you may well be correct in that various things have been expedited during this period of crisis. What I would like to say specifically around simplification is that clearly, we're pleased that the NAM transaction has progressed. Actually, we had full fit the Charlesbank who have pre-existing specialist expertise in that area, we'll be able to make a significant success of the business. And you can tell from the tenor of our content -- comments about Australia that there is obviously a strategic review of our print holdings well underway. So our simplification process is far from finished. And part of that is that we're very keen to highlight the value inherent in, for example, Dow Jones, which we reported vastly superior numbers to those of the New York Times, but whose figures are not fully obvious in the current News and Information Services segment.

布萊恩，顯然，簡化是一個預先存在的程序。但在某種程度上，你可能是對的，因為在這場危機期間，各種事情都加快了。關於簡化，我想特別說的是，顯然，我們很高興 NAM 交易取得了進展。事實上，我們完全適合查爾斯銀行，他們在該領域已有專業知識，我們將能夠在業務上取得重大成功。從我們內容的主旨（有關澳洲的評論）中您可以看出，顯然正在對我們的印刷品進行策略性審查。所以我們的簡化過程還遠遠沒有完成。其中一部分原因是，我們非常熱衷於強調道瓊斯指數等公司固有的價值，我們報道的數字遠高於《紐約時報》的數字，但其數字在當前的新聞和新聞中並不完全明顯。資訊服務部門。

Now if you think of the journey in recent years, the sale of Amplify, the early sale of the local media group at Dow Jones, the NAM sale. And on the other side of the ledger, the acquisition of REALTOR, the purchase of Harlequin, we are a rather different, more specialized company than we were a few years ago.

現在，如果你回想一下近年來的歷程，例如 Amplify 的出售、道瓊斯當地媒體集團的早期出售、NAM 的出售。另一方面，收購 REALTOR、收購 Harlequin，我們是一家與幾年前截然不同、更專業的公司。

And then Brian, just in relation to your question on Foxtel and the impairment. We do look at this from a DCF perspective and also from a market multiple perspective. And clearly, there's been an impact that's adversely affected our trends resulting in lower expected forecast subscribers. And the impact of COVID-19 is expected to have clearly an adverse impact on advertising OTT to customers and commercial subscription revenues in the near term. So when we combine all of those, we thought it was appropriate to take an impairment on Foxtel.

然後 Brian，關於您關於 Foxtel 和損害的問題。我們確實從 DCF 角度和市場多重角度來看這個問題。顯然，存在對我們的趨勢產生不利影響的影響，導致預期預測訂戶較低。 COVID-19 的影響預計將在短期內對向客戶提供的 OTT 廣告和商業訂閱收入產生明顯的不利影響。因此，當我們將所有這些結合起來時，我們認為對 Foxtel 進行減值是適當的。

There are no further questions at this time. And I'd like to turn the conference back over to you. Thank you.

目前沒有其他問題。我想把會議重新交給你。謝謝。

Great. Well, thank you, Claudia, and thank you for all participating. Have a great day, and most importantly, stay safe. We'll talk to you soon.

偉大的。嗯，謝謝你，克勞蒂亞，也謝謝大家的參與。祝你有美好的一天，最重要的是，保持安全。我們很快就會和你談談。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。