News Corporation has announced that its revenues for the quarter ending March 31 increased 21% to $7.5 billion, with its net income increasing 6% to $871 million.
Filmed entertainment delivered record operating income contribution of $410 million, up 82%, whilst cable network programming operating income was up 34%, with News Corp saying that increased affiliate revenues pushed growth at the Fox News Channel, the FX Network and regional sports network.
Rupert Murdoch, chairman and chief executive officer, said: “We continue to be pleased with the broad-based momentum we are achieving across our various operating segments. While filmed entertainment’s record quarter was the biggest driver of our 23% operating income and 21% revenue growth, it was far from our only catalyst.
“Sustained subscriber momentum at SKY Italia, ratings strength at our broadcast network and growth across our myriad of cable assets also resulted in very solid returns. Additionally, the popularity of our internet assets is translating into improved results, and we have just begun to scrape the surface of their potential.”
He added: “Along those lines we took several additional steps during the quarter to further capitalize on the evolving digital world. We announced, along with NBC Universal, the launch of the largest internet video distribution network ever assembled. And separately, we finalized a joint venture combining Jamba and Fox Mobile Entertainment assets to form a leading global provider of mobile entertainment. Both of these transactions ideally complement our existing asset base and further solidify our position as a leader in the evolving media landscape.”
News Corp last week bid £2.5 billion for Dow Jones, the publisher of The Wall Street Journal, in a move that was met with opposition from Dow Jones shareholders.
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