News Corp doubles profit to $2.95 billion
NEW YORK (AFP) - Rupert Murdoch's News Corp said on Wednesday its profit in the just-ended quarter more than doubled to US$2.38 billion (S$2.95 billion), helped by a reorganization that brings in results from global broadcasting units.
In releasing the earnings, Murdoch said the media-entertainment conglomerate was making "progress" toward the breakup of the group into two separate companies - one focused on publishing, the other on film and television.
Revenue for the fiscal second quarter to Dec 31 rose five percent from a year earlier to US$9.43 billion, led by 18 per cent growth in cable programming.
The profit adjusted for special items amounted to 44 cents a share, two cents better than Wall Street estimates. Mr Murdoch said the results show "our strong momentum" as the company "seized opportunities to invest in our core businesses for long-term and sustainable growth."