Revenues at Rupert Murdoch’s global media empire, News Corporation, rose by 14% to $4.7 billion in the group’s second financial quarter, ending 31 December 2002.
Net profit at the group jumped by 58% in the quarter to reach $320 million; this is despite the media and advertising downturn. Operating income rose by 48% to $729 million.
News Corp says that the growth was driven primarily by substantial increases in the filmed entertainment, television and cable network programming sectors.
News International
News Corp’s UK newspaper operation, News International, saw its operating incomes fall by 37%. The division’s titles include the Times and the Sun and it was cover price cuts at the latter which were largely responsible for steep circulation revenue declines. However, the Sun’s circulation did climb by 5% year on year during Q2.
Despite this circulation revenue fall, advertising revenues at News International rose by 6% in the quarter. The improvement was seen across all titles, but was particularly strong at the Times and Sunday Times.
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