Skip to comments.News Corp. profit almost triples (CNN on suicide watch?)
Posted on 02/08/2006 2:21:50 PM PST by abb
CHICAGO (MarketWatch) -- Rupert Murdoch's News Corp. said after the market closed Wednesday that its fiscal first-quarter profit nearly tripled on a gain related to the sale of its TSL Education business, along with revenue gains at its cable television networks.
The New York-based media titan said it earned $1.08 billion, or 33 cents a share, compared to a profit of $386 million, or 13 cents a share, in the year-ago quarter.
Excluding a gain of $381 million related to the TSL sale, News would have earned $694 million, or 21 cents a share, in the latest three months.
Revenue rose to $6.67 billion from $6.56 billion.
Analysts polled by Thomson First Call were expecting a profit of 20 cents a share on revenue of $6.88 billion.
Cable network revenue rose to $810 million from $624 million on advertising gains at the Fox News Channel, as well as higher fees paid by cable operators to the company's regional sports networks.
Revenue at the Fox broadcast network, the company's owned-and-operated television stations and its Hong Kong-based Star TV subsidiary rose to $1.59 billion from $1.56 billion.
On the downside, revenue at the company's film and television production studio declined to $1.61 billion from $1.87 billion on difficult comparisons to a year-ago quarter that contained DVD results from "The Day After Tomorrow," "Garfield," "I, Robot" and "Dodgeball: A True Underdog Story," as well as the "Star Wars" trilogy.
Newspaper revenue was flat at $1.01 billion.
Book publishing revenue rose to $390 million from $377 million.
The shares rose 13 cents to close at $16.76 on Wednesday.
Hey Anita seen this news?
BIG MEDIA IS MAKING TOO MUCH MONEY! I DEMAND A WINDFALL PROFITS TAX RIGHT NOW! < \democrat>
Way to go Rupert!
May you live to be 100!
I'll bet Murdoch doesn't provide health care to their workers like CNN does. :-)
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1 BILLION like B for BOY?
Very impressive!! So there, CNN!!!
What makes this even more impressive is that FNC has a much harder time getting "big" ad accounts. Flip back and forth between CNN and FNC sometime and see who advertizes on each.
Fox predominantly has kitchen gadgets and diet pills while CNN has fortune 500 companies advertizing. This trend may be starting to change, however, as I see more ads for cars etc on FNC now.
Rupert obviously knows his stuff.
I marvel at what he has done with FNC, and how he has taken them to the top against a once stiff competitive landscape.
Ailes deserves a lot of credit as well.
Not surprising, considering how well FNC is run and the disaster that is Klein over in the CNN camp.
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