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Annual Report 2004

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Annual Report 2004 2004 cover final 9/10/04 10:34 AM Page 3 ANNUAL REPORT 2004 The Simpsons TM and © 2004 Twentieth Century Fox Film Corporation. All Rights Reserved. NEWS CORPORATION ANNUAL REPORT 2004 A constellation of media businesses News Corporation’s global operations encompass the fields of filmed entertainment, newspapers, pay and free-to-air television, cable network programming, book publishing, magazines and consumer marketing. Just as our assets span the world, our vision spans art and humor, audacity and compassion, information and innovation – whether in an American television series, an Indian game show, an Australian newspaper, an English sports broadcast or an international box-office hit. Every day, hundreds of millions of people are entertained and enlightened by the authors and actors, printers and producers, reporters and directors who fulfill our mission. That mission remains unchanged after a half a century of expansion and improvement: the creation and distribution of top-quality news, sports and entertainment around the world. The News Corporation Filmed Entertainment KDFW Dallas, TX ESPN STAR Sports 50% KDFI Dallas, TX Channel [V] UNITED STATES WFXT Boston, MA Xing Kong Wei Shi Fox Filmed Entertainment (a) WTTG Washington DC Vijay Television Twentieth Century Fox Film WDCA Washington DC Corporation LATIN AMERICA WAGA Atlanta, GA Fox 2000 Pictures Cine Canal (b) 23% WJBK Detroit, MI Fox Searchlight Pictures Telecine (b) 13% KRIV Houston, TX Fox Music KTXH Houston, TX AUSTRALIA AND NEW ZEALAND Twentieth Century Fox Home KMSP Minneapolis, MN Premium Movie Partnership (b) 20% Entertainment WFTC Minneapolis, MN Twentieth Century Fox Licensing WTVT Tampa Bay, FL and Merchandising KSAZ Phoeniz, AZ Cable Network Twentieth Century Fox Television KUTP Phoeniz, AZ Fox Television Studios Programming WJW Cleveland, OH Twentieth Television KDVR Denver, CO UNITED STATES Regency Television (b) 50% WRBW Orlando, FL FOX News Channel (a) Blue Sky Studios WOFL Orlando, FL Fox Cable Networks Group (a) AUSTRALIA KTVI St. Louis, MO FX Fox Studios Australia (b) 50% WDAF Kansas City, MO Fox Movie Channel WITI Milwaukee, WI Fox Regional Sports Networks LATIN AMERICA KSTU Salt Lake City, UT (13 owned and operated) (c) Fox Studios Baja (a) WBRC Birmingham, AL Regional Programming Partners (b) 40% Canal Fox (a) WHBQ Memphis, TN Fox Sports World WGHP Greensboro, NC SPEED Channel Television KTBC Austin, TX FUEL WUTB Baltimore, MD Fox Pan American Sports (b) 38% UNITED STATES WOGX Gainesville, FL Rogers Sports Net (b) 20% FOX Broadcasting Company (a) National Sports Partners (b) 50% ASIA Fox Television Stations (a) National Advertising Partners (b) 50% STAR WNYW New York, NY National Geographic Channel - STAR Plus WWOR New York, NY International (b) 50% STAR Movies KTTV Los Angeles, CA National Geographic Channel - STAR News KCOP Los Angeles, CA Domestic (b) 67% STAR Mandarin Movies WFLD Chicago, IL STAR World AUSTRALIA WPWR Chicago, IL STAR Gold Fox Sports Australia 50% WTXF Philadelphia, PA STAR Chinese Channel (a) Held by News Corporation's 82%-owned Fox Entertainment Group (FEG) (b) Reflects percentage held by News Corporation's 82%-owned FEG (c) Fox Regional Sports Networks are all 100%- owned except Fox Sports Net South, which is 88%-owned. (d) Represents the Company's economic interest. The Company continues to hold a 36% equity interest. n Limited As of June 30, 2004 Direct Broadcast Newspapers Magazines and Inserts Satellite Television UNITED STATES UNITED STATES AND CANADA New York Post EUROPE News America Marketing In-Store SKY Italia 80% UNITED KINGDOM FSI (SmartSource Magazine) Sky Sport The Times SmartSource iGroup Calcio Sky The Sunday Times News Marketing Canada Sky Cinema The Sun The Weekly Standard Sky TG 24 News of the World Gemstar-TV Guide International 41% British Sky Broadcasting 35% TSL Education Sky News AUSTRALIA AUSTRALIA Sky Sports INSIDEout More than 100 national, metropolitan, Sky Travel donna hay Sky One suburban, regional and Sunday titles, Sky Movies including the following: The Australian Book Publishing UNITED STATES The Weekend Australian The DIRECTV Group (b) 34% The Daily Telegraph UNITED STATES, CANADA, EUROPE The Sunday Telegraph AND AUSTRALIA LATIN AMERICA Herald Sun HarperCollins Publishers Sky Latin America DTH Platforms: Sunday Herald Sun Mexico - Innova 30% The Courier-Mail 42% Brazil - Sky Brasil (d) 50% Sunday Mail (Brisbane) 42% Other Sky Multi-Country Partners 30% The Advertiser EUROPE AUSTRALIA Sunday Mail (Adelaide) NDS 78% FOXTEL 25% The Mercury Broadsystem Ventures Sunday Tasmanian ASIA Convoys Group The Sunday Times Phoenix Satellite Television 38% Sky Radio 93% Northern Territory News Hathway Cable and Datacom 26% News Outdoor Group 75% Sunday Territorian China Network Systems Balkan News Corporation (18 affiliated cable systems) various FIJI AUSTRALIA AND ASIA The Fiji Times National Rugby League 50% Sunday Times News Interactive Nai Lalakai Festival Mushroom Records Shanti Dut Newspoll 50% PAPUA NEW GUINEA UTV Software Communications 12% Post-Courier 63% The words “expect,” “estimate,” “anticipate,” “predict,” “believe” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of The News Corporation Limited, its Directors or its Officers with respect to, among other things, trends affecting the group’s financial condition or results of operations. Readers of this document are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company does not ordinarily make projections of its future operating results and undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. NEWS CORPORATION ANNUAL REPORT 2004 Chief Executive’s Review Fiscal 2004 was an outstanding decisive strategic steps that year for News Corporation. we believe position us for Financially, strategically and further growth in 2005 and operationally, the Company beyond. met – and in most cases Most importantly, this exceeded – all of its key past April, we announced objectives for the year: record our intention to change our revenues and profits in US$ place of incorporation from terms; record cash flow gen- Australia to the United eration; double-digit profit States. We undertook this gains at nearly all operating move for one reason: to segments; the completion of create greater value for the transformative DIRECTV our shareholders. For more deal; the swift development than 80 years, the Company of SKY Italia; and, with has proudly called Australia the announcement of our its home. It is where the intention to reincorporate Company was founded, nur- the Company in the United tured, and from where we get States later this calendar our entrepreneurial spirit. year, the promise of a new Australia is our spiritual and more prosperous era for Rupert Murdoch, Chairman and Chief Executive home, and will always remain News Corp. shareholders. so. But over the past two Our success is due, in large Last year, I wrote of our our assets are of varying decades, as more of the measure, to the diligence, intention to be as “integrated” maturities, neatly divided Company’s revenues and dedication and vision of the as we were “international,” between those generating profits have come from our Company’s management and and as focused on delivering significant profits today and US-based businesses, it has employees. Above all else, short-term results as on those positioned to deliver become increasingly clear each of us is guided by a building long-term value. growth tomorrow. to us that without a pri- desire to give our customers Looking back on the achieve- This is why we were able mary listing on the New the two things they most ments of the past 12 months, to deliver such solid results York Stock Exchange and eli- demand from a media compa- it’s clear to me that our this past year. Full year rev- gibility on US indices, our ny: quality and choice. commitment to these prin- enues rose 20 percent to US$21 shareholders would never Whether in our films or TV ciples is what drove our billion and our operating experience the full benefits shows, our newspapers or success. income increased 21 percent of our achievements. books, our magazines or pay- We’ve now set the standard to US$3.1 billion, both record Consequently, using a TV distribution platforms, for how a media company numbers for the Company. process that will allow what inspires us at News of the 21st century should Our Filmed Entertainment, us to move our domicile Corp. – this year as in every look. Our assets are global, Cable Network Programming, without financial cost to year – is a desire to give our with operations across Television, Book Publishing the Company or the over- readers and viewers higher five continents. Our assets and Newspapers segments whelming majority of its quality options when it are diversified, encompass- posted record profits. At the shareholders, we have put comes to the news, sports, ing businesses that create same time, we significantly forth for your approval a plan and entertainment products content and those that strengthened our balance that the News Corporation they use. And if our financial distribute that content. Our sheet, continuing our pro- Board of Directors unani-
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