News Corp profits up due to TV operations

News Corporation reports profit that beats analysts’ forecasts, mainly due to its broadcasting activities offsetting declines in publishing.

Quarter 1 for News Corp. (July to September) saw net income rise to US$2.23 billion – up from US$738 million a year earlier.

News Corp. posted profit gains at its cable network unit, Twentieth Century Fox studio and broadcast TV operations. Profit fell at the publishing business.

The stock has climbed 36% this year, bolstered by repurchases and a spinoff plan to split the business. Chairman and CEO, Rupert Murdoch, who started building his media empire more than a half a century ago with newspapers, announced plans in June to split off News Corp.’s publishing division, home to The Sun and The Wall Street Journal.

While the entertainment company will continue to be led by Murdoch, News Corp.’s board has yet to designate a chief executive officer for the publishing side. Murdoch has said that the company is evaluating internal candidates for the job.

The company recorded US$67 million in expenses last quarter from dealing with the fallout from the hacking scandal last year.