News Corp's Q1 Net soars 27 % to $ 536 million

MUMBAI: Media mogul Rupert Murdoch must be one happy man. If the brilliant first quarter results his News Corp has just delivered were not enough, that his choice for US president George W Bush has so convincingly won a second term in office must have given him additional reason to crow.

News Corp has announced a 27 per cent increase in its first-quarter (ending 30 September) Net, helped by growth in advertising at the Fox News Channel and the Fox broadcast network, as well as a strong performance from the company's newspapers in the UK and Australia.

Net profit stood at $536 million as against $422 million in the corresponding quarter last year. Net income was up to $536 million from $422 million a year ago. Sales were up 12 per cent at $5.19 billion from last year's $4.6 billion.

A 12 per cent jump has also been seen in the consolidated operating income at $805 million from $719 million last year.

News Corp will also be relocating its headquarters and main listing to the United States from Australia for which it has just received court clearance.

Among the new initiatives in the pipeline are plans for a financial news channel. Negotiations are currently on with distributors to carry the channel, Murdoch said in a conference call. ``We are planning to do, certainly, a top business news channel some time in the future,'' News Corp's chairman and CEO has been quoted in media reports as saying.


News Corp's broadcast television business rose 30 per cent to $233 million from $179 million on higher ad prices and lower costs for prime-time programs. A significant contribution came in from Asia, with the Star Group reporting higher operating profits. Star's revenues were up 14 per cent on the back of increased ad sales out of India and China as well.

Meanwhile, billionaire cable TV investor John Malone's Liberty Media has said it may buy $1.5 billion of News Corp.'s voting stock in an equity swap deal with Merrill Lynch in April 2005. Liberty said in a statement that it had entered into a transaction involving 84.7 million shares.

Reports say that if the deal goes through, it could double Liberty's current 9.15 per cent voting stake in the company, potentially paving the way for a challenge to the Murdoch family's hold on News Corp.

Murdoch, however, appeared unperturbed. ``I think it's an endorsement of the company,'' he said. ``I say that quite sincerely. I'm not losing any sleep over it.''

News Corp. is the world's fifth largest media group and owns the Fox network, 20th Century Fox film studios and a host of newspaper and satellite assets including BSkyB and DirecTV.

Latest Reads
Girliyapa’s catchy dance anthem, ‘Tu Bas Naach’ features more than 50 Women Achievers

Girliyapa is back with a brand-new music video ‘Tu Bas Naach’, an end-of-year dance anthem with voice and character, that refuses to conform to the stereotypes and “rules” that are imposed on girls and women in our society.

Television TV Channels Music and Youth
ZEE puts Family First with ZEE Family Packs

Currently, the Broadcasting ecosystem operates as part of a packaged bouquet environment where consumers pay a fixed amount and receive a pre-configured bouquet of channels.

Television TV Channels GECs

Celebrating the season of festivities, Cartoon Network and POGO bring a special bonanza of rib-tickling comedy, adventure and sheer fun all through this month for their fans

Television TV Channels Kids
Shemaroo Entertainment’s Founder Buddhichand Maroo Felicitated with GIFA Golden Award

Founder of Shemaroo Entertainment Limited, Mr. Buddhichand Maroo was recently felicitated with the GIFA Golden Award at the 3rd edition of Gujarati Iconic Film Awards (GIFA) 2018 in Ahmedabad.

Television TV Channels Music and Youth
IBF to intervene in TRAI's SC petition on 15% discount cap

The TRAI tariff order, which remained a topic of intense debate and discussion in 2017 and 2018, is likely to dominate discourse early on in 2019 too, at least from a legal standpoint as the Supreme Court resumes work after the winter vacations.

Television TV Channels GECs
Big Synergy appoints Rajiv Bakshi as CEO

Reliance Entertainment's Big Synergy Media Ltd has appointed Rajiv Bakshi as its chief executive officer.

Television Production House Fiction
For the first time, viewers get to choose their favourite shows on Sony BBC Earth

Content may be King, but so is the viewer. Sony BBC Earth, India’s premium factual entertainment channel, takes another leap in audience engagement by giving viewers the choice to pick their favourite shows of 2018 on the channel.

Television TV Channels News Broadcasting
Shemaroo Entertainment’s Bhakti App Bags the Innovative Mobile App Award

Shemaroo Entertainment Ltd., added another feather to its cap with firm’s ‘Shemaroo Bhakti App’ winning the special mention award under Innovative Mobile App category at the Drivers of Digital Summit 2018

Television TV Channels Music and Youth
Sony Pictures Networks India delivers on its commitment of 'Ek India Happywala'

Sony Pictures Networks India (SPN) has accelerated its focus towards creating a positive social impact in the ecosystem by building on its three-pillar framework; empowerment, education and environment.

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories