HarperCollins Posts Another Strong Quarter

by Jim Milliot -- Publishers Weekly, 2/15/1999

HarperCollins continues to enjoy a strong fiscal 1999. The company's parent company, News Corp., reported last week that operating profit in the second quarter ended December 31, 1998, rose 38% to $18 million, while sales rose 15% to $211 million. For the first half of fiscal '99, operating income increased 54% to $40 million on a 11.5% gain in revenues to $426 million.

HC president Jane Friedman told PW that the strong performance was led by "stellar results" in the adult trade and children's groups as well as at Zondervan. The. U.K. and Canada divisions also did well in the period, although Australia "remains an area of concern," according to Friedman.

During the first six months of the fiscal year, HC had 21 bestsellers, and sales at Christmas were "very good," Friedman reported. She also noted that the company experienced a "significant" increase in sales through online retailers.

A Murdoch Heads Print Units
Friedman has a new boss of sorts. Lachlan Murdoch, son of News chairman Rupert Murdoch, has been named to the newly created position of senior executive vice-president. The new role will put the younger Murdoch in charge of News Corp.'s U.S.-based print operations, including HarperCollins, the New York Post and News America Marketing. Seen as the heir apparent at News, Lachlan Murdoch will also become part of the company's office of the chairman.

Anthea Disney, who was named CEO of News America Publishing Group in late 1997 (News, Sept. 29, 1997), will devote the majority of her time to TV Guide, although she will still have some involvement with HC.