News Corp Profit Rises On Ad Rebound

A more robust advertising climate helped power the conglomerate to a net income of $775 million for its fiscal 1st quarter, up from $571 million same quarter last year. Operating income at the “filmed entertainment’ side, which also incorporates Twentieth Century Fox Television, was down from $391 to $280 million, based mainly on the fact that last year’s theatrical slate had Ice Age: Dawn of the Dinosaurs. This year’s quarter had Predator and Machete and launch costs for the Wall Street sequel. Though higher syndication revenue for How I Met Your Mother were strong. On the cable side, Fox News’ dominance and that strong ad renaissance meant income rose to $659 million, an increase of $136 million, driven by a 17% increase in revenue. Revenue gains for domsestic ad markets on the cable side were 16% (domestic) and 27% (international). And improved performance at Fox Television Stations helped raise operating income within the TV unit to $105 million from $67 million a year ago; the company is currently in the regulatory approval process for the remaining stake in BSkyB. Even newspaper ad revenue was up 13%.

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