HarperCollins is one of two subsidiaries where News Corp would consider making another acquisition, News CFO Susan Panuccio said during a presentation at UBS’s 46th annual global media and communications conference in New York on Tuesday.
She cited the success HC CEO Brian Murray has had in integrating Thomas Nelson and Harlequin into the HC family as a key reason why News remains interested in future book purchases.
In her other remarks, Panuccio said News has been somewhat surprised and “really pleased” about the success HC had in fiscal 2018 (ended June 30, 2018) when earning s rose 23% on a 7% sales gain, as well as in the first quarter of fiscal 2019 when profits soared 42%. She said that ongoing investment in content and authors at HC has resulted in solid sales of new titles and backlist.
Downloadable audio has also provided a sales spark, Panuccio told analysts. She added that News sees more opportunities for growth in international markets where digital is “under-penetrated” compared to the U.S. and U.K.