A $4.0 billion write-off of News Corp’s stake in Gemstar TV has left the corporation with a post-tax loss of $4.2 billion for the three months to the end of March (the third quarter of the group’s financial year).
However, despite the exceptional write-off, revenues were up 17.7% to £3.85 billion and operating income was up 54.2% to $549 million. The figures were boosted by good box office performances from 20th Century Fox, notably by
Moulin Rouge and
Ice Age.
UK businesses BSkyB saw revenue and EBITDA rise by 21% and 23% respectively, whilst DTH subscribers rose by 11% to 5.9 million, as reported last week (see BSkyB Shows Good Growth In Q1, No Plans For Radio Or TV Expansion).
News International, which publishes the Times and Sun in the UK, reported flat operating income, with circulation revenues rising for all titles. However advertising revenues declined by 16% in the period due to lower volumes and yields in all major advertising categories, said News Corp.
