Feb 6 News Corp reported higher
quarterly revenue and profit on Wednesday on strong growth at
its cable networks.
The media conglomerate, controlled by Rupert Murdoch, said
revenue rose 5 percent to $9.43 billion for the quarter that
ended in December. Analysts were expecting revenue of $9.28
billion, according to Thomson Reuters I/B/E/S.
News Corp's global media empire includes Fox Broadcasting,
The Wall Street Journal and the film studio Twentieth Century
Net income was $2.38 billion or $1.01 per share, compared
with $1.06 billion or 42 cents per share in the same period a
Excluding special items including costs related to the phone
hacking scandal in the U.K., earnings per share was 44 cents,
ahead of analysts' estimates by a penny.
At its cable network, operating income increased 7 percent
to $945 million. Advertising revenue at its domestic cable
channels rose 8 percent.
The division that operates the company's newspapers and book
publishing reported operating income rose to $234 million from
$218 million in the same period a year ago. News Corp cited the
launch of the Sunday edition of its British tabloid The Sun that
helped offset lower advertising revenues at its Australian
News Corp is preparing to separate its faster growing
entertainment assets from its newspapers, a move that has been
greeted with enthusiasm from investors who have driven up the
stock almost 50 percent year over year.
The new publishing company, which will retain the name News
Corp, will operate newspapers like The Wall Street Journal, The
Times of London, The Australian and book publisher
The publishing company has named several key executives
including Robert Thomson, a Murdoch confidant and the former top
editor at The Wall Street Journal, as its CEO. But key questions
remain about the structure of it balance sheet, board members
and how the company will overcome severe challenges racking the