News Corp reports record results, set for further earnings growth

MUMBAI: "A record end to a record year. The most profitable fourth quarter ever and the most profitable year in our company's 80 years of existence."

That was how Rupert Murdoch described the record earnings at News Corp Ltd's filmed entertainment, television, cable TV and Harper Collins publishing businesses that have powered the media moghul's company to a 2002/03 fiscal fourth-quarter profit of $370 million, compared with a loss of $1.74 billion last year. Revenues rose 21 per cent, to $4.6 billion from $3.8 billion, last year.

The loss last year was in large part due to the $1.9 billion write-down of its 43 per cent investment in Gemstar-TV Guide International Inc.

'A record end to a record year': Rupert Murdoch (Picture courtesy

Full year net profit stood at $1.05 billion, driven mainly by strong growth in advertising revenues at its television and cable networks.

Aided by programmes like American Idol and Joe Millionaire, the Fox network reversed its lacklustre performance from the previous year and the Fox News Channel's profit nearly doubled with higher ad revenue overcoming increased costs of coverage of the US-led invasion of Iraq.

DVD and video sales of movies including Ice Age and Shallow Hal added to cinema releases of X2: X-Men United, Daredevil, 28 Days Later, League of Extraordinary Gentlemen and One Hour Photo to all added to the News Corp kitty.

Asked by reporters if News Corp's latest earnings results were as good as it gets for the company, Murdoch was quoted as saying: "Of course not. We're not going to rest until we are many times this."

That statement was backed up by company CFO David DeVoe who said that News Corp and its Fox Entertainment business were gearing up for another strong result in 2003/04.

"We expect that 2004 operating income growth at News Corporation will be in the range of high single digits to low double digit, which includes absorbing losses from Sky Italia of approximately $300 million," De Voe was quoted as saying.

Speaking about News Corp's $6.6 billion acquisition of satellite television company DirecTV, Murdoch told financial analysts during a conference call that he remained hopeful the transaction would receive necessary regulatory approvals by the end of the year.

Latest Reads
Zee Telugu Announces World Television Premiere of Sai Pallavi and Naga Shaurya Starrer Kanam

Weekend plans just got better with Zee Telugu’s horror World Television Premiere, Kanam, to your home screens on Sunday

Television TV Channels Regional
Republic TV complains to TRAI, BARC on Times Now’s genre slotting

The ever-competitive business of TV news is set to witness another round of slugfest. Republic TV has complained to Telecom Regulatory Authority of India’s (TRAI) and Broadcast Audience Research Council of India about English news channel Times Now getting the channel re-slotted under Hindi news...

Television TV Channels Viewership
Zeel reports higher numbers on improved ad, subs revenues

The Subhash Chandra-led Zee Entertainment Enterprises Ltd (Zeel) reported a 15 per cent year on year (y-o-y) growth in total revenue for the quarter ended 30 June 2018 (Q1 2019, period, or quarter under review) as compared to the corresponding year ago quarter (Q1 2018).

Television TV Channels GECs
Dsport to broadcast 'British Open' live for viewers in India

Dsport will broadcast the 147th edition of the much awaited ‘British Open’ live in India. The tournament will commence from 19 July 2018 at the Carnoustie Golf Course, Scotland.

Television TV Channels Sports
Zee Telugu to enhance family ideals with Ninne Pelladatha, brand-new fiction show

Providing the audiences with yet another entertaining and relatable fiction show, Zee Telugu launches Ninne Pelladatha, a show that highlights the bond humans share, regardless of being blood-related.

Television TV Channels Regional
Religious most benefitted genre in Chrome DM week 28

With a growth of 2.05 per cent as compared to last week (27), the religious genre marked the highest opportunity to see (OTS) among all categories in week 28 of Chrome Data Analytics & Media.

Television TV Channels Viewership
BARC India plans expansion of metre homes to 44,000 by this FY

Rural India is getting in the limelight. TV ratings body BroadcastAuidence Research Council (BARC) is expanding metre homes to 44,000 by this financial year.

Television TV Channels Viewership
Ranjana Mangla appointed national revenue head of India Today TV

Ranjana Mangla has been appointed the national revenue head of India Today TV. She will report to the chief revenue officer Rahul Kumar Shaw and will be based out of the ITG Mediaplex, Noida.

Television TV Channels News Broadcasting
Discovery chronicles the harrowing story and extraordinary rescue of the thai soccer team that is captivating the world in Operation thai cave rescue

From the moment the heartbreaking news broke that 12 young Thai soccer players and their 25-year-old coach were stuck in a cave complex near the Myanmar border

Television TV Channels Factual & Documentary

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories