News Column

News Corp. Profits Rise on TV Business

Nov. 6 2012
News Corp

US media group News Corp reported Tuesday sales up 2 per cent in the first fiscal quarter of 2012, compared with the previous year, largely because of its cable television business.

The group, run by Rupert Murdoch, saw sales reach 8.1 billion dollars from July to September, and net income at 2.2 billion dollars - a tripling of profits.

That was largely due to the sale of its NDS set-top software subsidiary to Cisco Systems.

However, some 67 million dollars was set aside for legal and professional fees associated with the phone-hacking scandal at the British News of the World newspaper, subsequently shut down by Murdoch.

In a statement in New York, Murdoch said: "Our operational discipline and focus on innovation continued to drive the company's momentum in our fiscal first quarter, led by double-digit growth in our channels business and the global success of our film and television content."

Stock rose 2 per cent on early trading after the profit figures beat analysts' expectations.




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Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH