UPDATE 1-News Corp profit down as movies offset cable

NEW YORK Wed Aug 10, 2011 4:09pm EDT

NEW YORK Aug 10 (Reuters) - News Corp (NWSA.O) reported a lower quarterly profit on Wednesday as weaker box office and DVD sales offset a strong performance by its cable and television business.

Rupert Murdoch's media conglomerate, which owns TV broadcaster Fox and publishes newspapers including the Wall Street Journal and the Times of London, reported net income of $683 million, or 26 cents a share, down from $875 million, or 33 cents a share, a year earlier.

Revenue rose 11 percent to $8.96 billion, helped by growing advertising sales and rising carriage fees at Fox TV and its cable networks.

News Corp has been dealing with scandal since fresh revelations of voice mail hacking by its News of the World tabloid broke last month. It closed the paper, and 12 ex-staffers have been arrested. The company also dropped its bid for full control of UK satellite TV company BSkyB BSY.L.

The crisis at the New York-based company has raised questions about the 80-year-old Murdoch's future as chairman and chief executive as well as his succession plan. There is also new scrutiny of News Corp's board by corporate governance watchers. (Reporting by Yinka Adegoke. Editing by Robert MacMillan)


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.