News Corp. Earnings: Profit Jumps, Helped by Cable Networks – Wall Street Journal – News Journal Blogs


News Corp.’s acquire tripled in the lodge ended March 31, boosted by one-time gains and meliorate results from its telegram networks segment.


Meanwhile the playing unit, to be spun soured as a removed consort in reaching weeks, posted sharply modify operative income.


The media consort posted gain income of $2.85 billion, or $1.22 a share, up from $937 million, or 38 cents a share, in the year-earlier period. Revenue grew 14% to $9.54 billion.


In the quarter, News Corp. transcribed $25 meg in costs attendant to the planned spinoff of the playing sectionalization and $42 meg in costs attendant to current investigations of phone-hacking in the company’s U.K. production unit, downbound from $63 meg for much costs in the year-earlier quarter.


The consort also had momentous one-time gains in the lodge attendant to planetary transactions, including the acquisition of an added wager in Sky Deutschland and the understanding of its control wager in SKY Network Television in New Zealand. Total operative income chromatic nearly 4%.


News Corp. shares were up $1.07, more than 3%, to $33.05 in after-hours trading after approaching at $31.98 in 4 p.m. trading on the Nasdaq Stock Market Wednesday.


The telegram networks portion accumulated operative income 17%, aided by the brawny action of regional sports channels, FX Networks, and the Fox News Channel. Those networks helped intend ontogeny of 11% in the husbandly client fees the consort collects from clear TV operators.


The broadcasting segment, which includes the Fox programme meshwork and topical TV stations, accumulated income slightly and boosted operative income by 15%, modify as it struggles with broadcasting ratings that are sagging at Fox. The ontogeny in profits was helped by a nearby raise of “retransmission consent” revenues—money that telegram and equipment operators clear to circularize programme signals—and modify planning costs.


Fox’s ratings in the key publicist demographic of 18-to-49 assemblage olds are downbound 22% this flavour compared with terminal year, according to Nielsen. A field bourgeois is the start of “American Idol,” the melodic rivalry that erst commanded industry-leading audiences but has seen a momentous ratings motion this season. The meshwork module foretell its newborn information roster for the upcoming flavour on weekday when it holds its “upfront” show for advertisers, aweigh of negotiations over the understanding of ad instance for incoming fall.


News Corp. President and Chief Operating Officer Chase Carey said the consort is “disappointed” at Fox’s ratings dip and is “taking steps today to meliorate incoming season’s lineup.”


“It’s not been a enthusiastic assemblage for the programme playing overall,” Mr. Carey said. He said he believes programme TV is ease the prizewinning papers for bounteous events that accomplish super audiences.


Offsetting the stronger results in the broadcasting businesses were weaker contributions from the playing operations, where operative income lapse 35% on 4.3% modify revenue. News Corp. said that accumulated contributions from its U.K. newspapers were equilibrize by modify ad revenues at its inhabitant newspapers and its marketing services businesses.


The playing businesses, which also allow The Wall Street Journal, The New royalty Post and aggregation publishing, are cod to be spun soured into a removed consort retentive the News Corp. name. On a word call with analysts, News Corp. executives said the spinoff was on road to be complete “around the modify of June,” when the company’s business assemblage ends. A primary investor balloting on the change is regular for June 11. The remaining media-and-entertainment convergent consort module be titled 21st Century Fox.


Meanwhile News Corp.’s filmed recreation portion reportable a 17% income increase, helped by the melodramatic and bag recreation revenues from movies including “Life of Pi” and “Taken 2.” Operating income chromatic 6%.




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News Corp. Earnings: Profit Jumps, Helped by Cable Networks – Wall Street Journal


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