News Corp's ad revenue shrank significantly, with the Dow Jones division experiencing a 7% year-over-year decline, attributed to advertiser reticence during election season and bias from ad agencies.
Robert Thomson highlighted the decline being influenced by 'the blatant biases of ad agencies and ad associations,' which boycotted certain media due to political prejudices, leading to reduced ad revenue.
Thomson criticized the misalignment between agencies and clients, noting, 'the ad heavens are certainly not in equilibrium,' implying that the advertising ecosystem is out of sync.
The Sun US suffered severe traffic declines due to 'sudden, capricious algorithm changes' from major platforms, forcing News Corp to lay off employees in response to these challenges.
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