MUMBAI: US media conglomerate News Corp has reported $9.54 billion of total revenue for the third quarter ended 31 March, 2013. This was a $1.14 billion or a 14 per cent increase over the $8.40 billion of revenue reported in the prior year quarter.

Approximately 55 per cent of the revenue increase reflects growth at the cable network programming, film and television segments, partially offset by lower revenues at the publishing segment. The balance of the growth primarily relates to the inclusion of Sky Deutschland and Fox Sports Australia revenues.

The company reported third quarter total segment operating income of $1.36 billion, as compared to $1.31 billion reported a year ago. The improvement was led by operating income growth at the company?s Cable Network Programming, Film and Television segments. The third quarter results included $42 million of costs related to the ongoing investigations initiated upon the closure of The News of the World as compared to $63 million in the corresponding period of the prior year. This year?s third quarter results also included $25 million of costs related to the proposed separation of the company?s entertainment and publishing businesses. Excluding these costs from both years, third quarter adjusted total segment operating income of $1.43 billion increased $54 million or four per cent from $1.38 billion reported in the third quarter of the prior year.

The company reported quarterly net income attributable to stockholders of $2.85 billion, as compared to $937 million reported in the corresponding period of the prior year. This quarter?s pre-tax results included $2.43 billion of income in Other, net, principally related to gains on the acquisition of an additional ownership stake in Sky Deutschland and the sale of the ownership stake in Sky Network Television in New Zealand, as well as a $11 million gain from the company?s participation in BSkyB?s share repurchase program, which is reflected in the equity earnings of affiliates.

These gains were partially offset by $56 million of restructuring charges, primarily related to the company?s international newspaper businesses. Excluding the net income effects of these items, the costs related to the investigations in the UK and the proposed separation of the company?s entertainment and publishing businesses, along with comparable items in both years, third quarter adjusted earnings per share was $0.36 versus the adjusted prior year quarter result of $0.37.

News Corp chairman and CEO Rupert Murdoch said, "In our fiscal third quarter News Corp achieved organic growth across our cable, film and television segments and through the consolidation of Sky Deutschland and sale of stakes in Sky New Zealand and Phoenix Satellite Television, we advanced our strategic agenda to simplify our global portfolio."

"We also announced our plans to broaden our core cable business with the unveiling of our national sports channel Fox Sports 1 and our third branded FX channel, FXX. Both initiatives underscore our strategy of maximising existing assets and leadership positions to drive sustainable growth and long-term value," he added.

"We are on target to complete the proposed separation of our businesses near the end of our fiscal year. As we prepare to launch two new industry leaders with new News Corporation and 21st Century Fox, I am more confident than ever of the long-term value the separation will unlock for the company and its shareholders," Murdoch concluded.

The quarter included $42 million and $63 million, respectively, of costs related to the ongoing investigations in the UK. The three months ended 31 March, 2013 include $25 million of costs related to the proposed separation of the company?s entertainment and publishing businesses. Excluding these charges, adjusted total segment operating income is $1,429 and $1,375 million in the three months ended March 31, 2013 and 2012, respectively.

The nine months include $165 million and $167 million, respectively, of costs related to the ongoing investigations in the U.K. The nine months ended 31 March, 2013 include $53 million of costs related to the proposed separation of the company?s entertainment and publishing businesses. Excluding these charges, adjusted total segment operating income is $4.5 and $4.3 billion in the nine months ended March 31, 2013 and 2012, respectively.

Cable Network Programming reported quarterly segment operating income of $993 million, a $147 million or 17 per cent increase over the prior year quarter, driven by a 17 per cent increase in revenue. Operating income contributions from the domestic channels increased by 16 per cent. Revenue growth across all domestic channels, led by strong growth at the company?s regional sports networks and FX Networks, was partially offset by increased programming and marketing costs at the company?s FX Networks and National Geographic Channels.

The company?s international cable channels? quarterly earnings contributions increased by 21 per cent from the same period a year ago, reflecting strong operating profit growth at the Fox International Channels (Fic), partially offset by the adverse impact of the strengthened US dollar.

Affiliate revenue grew by 11 per cent and 42 per cent at the domestic and international cable channels, respectively. Domestic network growth reflects higher rates across all networks, led by growth at the RSNs, Fox News Channel and FX Networks. Approximately 60 per cent of the international affiliate revenue increase reflects strong local currency growth at the non-sports channels at Fic and Star. The balance of the growth was attributable to the new sports channels, including Fox Star Sports Asia and Eredivisie Media and Marketing (EMM), partially offset by the impact of the strengthened US dollar.

Ad revenue at the domestic cable channels grew by two per cent in the quarter over the prior year period driven by double-digit growth at the FX Networks and National Geographic Channels, partially offset by lower advertising revenues at the Fox News Channel, due to the absence of the presidential primaries which occurred in the prior year, and at the RSNs, due to the broadcast of fewer National Basketball Association (NBA) games.

Nearly two-thirds of the international cable channels? 30 per cent ad revenue improvement reflects strong local currency growth at the non-sports channels at FIC and Star. The balance of the growth was attributable to the new sports channels, including Fox Star Sports Asia and EMM networks, partially offset by the impact of the strengthened US dollar.

Expenses at Cable Network Programming grew by 17 per cent in the quarter over the corresponding period in the prior year. More than two-thirds of this increase was attributable to the new international sports networks at FIC and Star, including the investment in BCCI cricket rights in India. The balance of the increase was due to higher programming and marketing costs at the FX Networks and National Geographic Channels, partially offset by reduced NBA rights costs at the RSNs resulting from the broadcast of fewer games.

MUMBAI: News Corp?s media and entertainment company to be created by the proposed separation of its businesses has been renamed 21st Century Fox.

News Corp had in December decided to name its media and entertainment company as Fox Group. The publishing subsidiary, though, will retain the name News Corporation.

The name, which will be effective with the separation, aims to draw on the company?s creative heritage, while also speaking to the future as well as the innovation that defines its portfolio of businesses. 21st Century Fox replaces the previously announced name Fox Group.

Rupert Murdoch will serve as 21st Century Fox chairman, CEO. News Corp COO Chase Carey will be 21st Century Fox president, COO.

Murdoch said, "Over the years, we have built a global portfolio of companies that has consistently defied conventional wisdom, and succeeded where others have failed because we are driven by a steadfast belief in great ideas, the power of imagination and the desire to thrill and engage audiences with enduring stories and experiences.

"21st Century Fox is a name that draws upon the rich creative heritage of our film studio, while also speaking to the innovation and dynamism that define all of our global media and entertainment businesses and will guide us into the future."

Reaching more than a billion people in 100 local languages every day, the proposed 21st Century Fox will be home to a global portfolio of cable and broadcasting networks and properties, including Fox, FX, FXX, Fox News Channel, Fox Sports, Fox Sports Network, National Geographic Channels and Star; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and Shine Group.

The proposed company will also provide premium content to millions of subscribers through its pay-television services in Europe and Asia, including Sky Deutschland, Sky Italia and its equity interests in BSkyB and Tata Sky, the joint-venture between News Corp and Indian conglomerate Tata Group.

MUMBAI: Rupert Murdoch has praised the ?brave leadership? of the late former British PM Margaret Thatcher. In an opinion column in the ?Times? newspaper, Murdoch praised Baroness Thatcher?s role in facing down the trade unions in the 1980s.

"I found her attitude an inspiration to my business life - and never more so than when faced with the recalcitrance of the print unions in the 1980s. She ended a culture of crippling strikes, she encouraged entrepreneurs to come here and set up their businesses. Thanks to her I have experienced in Britain many of my defining moments as a businessman."

"Mrs Thatcher understood that risk was a vital ingredient in a free enterprise society. She understood that such a society had to be led by a government with backbone. After the Second World War, in which the country lost a second generation of its finest men, Britain had created a dependency state. It killed off aspiration.

"In 1979 Margaret Thatcher set about its rehabilitation. She put the economy on a sound footing, she ended a culture of crippling strikes, she encouraged entrepreneurs to come here and set up their businesses. Thanks to her I have experienced in Britain many of my defining moments as a businessman, a Britain that is far more successful as a result of her brave leadership."

MUMBAI: US media conglomerate Disney CEO Bob Iger took home a salary of $ 37.1 million last year, a rise of 18 per cent that made him the third highest paid CEO in the US.

According to a list compiled by Equilar, the highest paid CEO is Oracle founder Larry Ellison who took home $ 96.2 million. His pay jumped by 24 per cent. Ranking second on the list with $ 38.6 million was HCA Holdings? Richard Bracken.

Viacom CEO Philippe Dauman is the only other representative of a media company in the top 10 having made $ 33.4 million. But his pay fell by 22 per cent.

News Corp Chairman Rupert Murdoch?s pay also fell by 24 per cent to $ 22.4 million. He is in the 13th spot.

MUMBAI: Rupert Murdoch-promoted News Corp has decided to exit Sky Network Television, New Zealand?s pre-eminent pay television broadcasting service, by divesting its 44 per cent stake in the company.

The global media conglomerate is the largest shareholder in Sky New Zealand through its subsidiary News Limited.

The company has appointed Deutsche Bank to underwrite and, together with Craigs Investment Partners, to manage the sales of its Sky shares. The shares are expected to be sold to a broad range of institutional and retail investors.

Following the sales, News Limited will no longer have any holding in Sky Network Television. As a result of the sale, Michael Miller, Regional Director of News Limited, will resign from the board of Sky.

News Corp President and COO Chase Carey said, "Sky is a world class subscription television business and has been an outstanding investment for News Corporation. We and Sky have always enjoyed an excellent, arms-length working relationship and we expect this to continue unaffected by the sale. In particular, we do not anticipate any change to current arrangements regarding access to content and collaboration on technology."

According to The Australian newspaper, News Limited shares were being offered at NZ$ 4.80 each, giving the stake a value of NZ$ 815 million ($671 million).

MUMBAI: The ailment of newspapers in the US continues. After emerging from a four-year old bankruptcy last year, Tribune Co., the company that operates 23 television stations and eight newspapers, has decided to put its newspaper business on the block as it seeks to put more focus on its television business.

The company has mandated investment banks Evercore Partners and J.P. Morgan to find buyers for its newspaper business which includes Los Angeles Times and Chicago Tribune.

Rupert Murdoch?s News Corp. and BH Media Group, a subsidiary of billionaire Warren Buffet?s Berkshire Hathaway, are believed to be possible bidders for the newspaper assets.

"There is a lot of interest in our newspapers, which we haven?t solicited," Tribune said in a statement. "Hiring outside financial advisers will help us determine whether that interest is credible, allow us to consider all of our options, and fulfill our fiduciary responsibility to our shareholders and employees."

The company?s broadcasting group operates 23 television stations, WGN America on national cable and Chicago?s WGN-AM.