News Corporation’s revenue rises $450 million

News Corporation last night reported $9.43 billion of total revenue for the three months ending December 31, 2012, a $450 million or 5% increase over the $8.98 billion of revenue reported in the prior year quarter.

The revenue increase was led by $398 million or 18% growth at the Company’s Cable Network Programming segment. The second quarter results also included $56 million of costs related to the ongoing investigations initiated upon the closure of The News of the World as compared to $87 million in the corresponding period of the prior year.

This year’s second quarter results also included $23 million of costs related to the proposed separation of the Company’s entertainment and publishing businesses.

Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said:
“News Corporation’s fiscal second quarter performance reflects our strong momentum. Double-digit gains in our cable and television businesses, along with improvements in our publishing segment, drove revenue and earnings growth even as we seized opportunities to invest in our core businesses for long-term and sustainable growth.

“The strategies we executed against in the quarter continue to bolster News Corporation’s competitive position and enhance our ability to benefit from global demand for content, especially sports programming. As we make progress toward the proposed separation of our entertainment and publishing businesses later this year, I am confident in the future prospects for both businesses.”