Rupert Murdoch's News Corporation (News Corp) reported quarterly earnings beat Wall Street expectations, thanks to the growth of the wired network, and said it is on track by the end of June the spin-off of its slow growth of the publishing business.
Its revenue grew 14%, from $ 950 million in the same period last year, in the quarter ended March 31, News Corporation (News Corp) said on Wednesday. The company reported adjusted earnings per share of 36 cents, above the average analyst forecast of 35 cents, according to Thomson Reuters I / B / E / S.
News Corporation (News Corp) shares rose 3.6% to $ 33.00 in after-hours trading after the Nasdaq $ 31.86.
One-time items, including the purchase of a controlling stake in German pay-TV operator Sky Deutschland, and sold in New Zealand's Sky Network Television ownership options to help lift net income of $ 2.85 billion, from $ 937 million in the same period last year jump.
New York-based company said separated in its orbit cable channels, movie studios and other fast-growing entertainment assets from newspapers, including The Wall Street Journal, its finances in June this year drawing to a close.
Entertainment assets to boost revenue and earnings in the quarter, its cable network business, including Fox News Channel, FX and regional sports networks.
Cable network programming unit operating income compared to the same period last year increased by 17%, to $ 2.394 billion, commanded higher fees from cable operators and advertising revenue in the United States and foreign channels.
News Corp. chief operating officer Caisi Kai said, the company will invest in a new cable network rival Walt Disney Company, launched in August, Fox Sports, ESPN and FXX, for young adults, in September. Carey said the company intends to spend a few million dollars and change "in the next year to establish these channels and some international network.
Media companies also strive to improve the Fox broadcast network, its ratings decline this fall aging singing contest "American Idol" drew a smaller audience.
"We obviously are disappointed this season in the Fox broadcast network ratings, now take measures to improve next season's lineup," Carey told analysts on a conference call.
The company said the decline in advertising revenue drag on "American Idol" TV unit, its operating income still grew by 15% of the performance.
Oscar-winning film "Life Pi success in the 20th Century Fox movie studio," it at the box office of 600 million U.S. dollars worldwide in cinemas, and home entertainment sales from the thriller "shooting 2" and the animated hit "Ice Age: Continental Drift."
Operating income, including newspapers and HarperCollins book publishing business, publishing unit to $ 85 million, $ 130 million in the same period last year.
Investigation involving phone tapping, the cost in British newspapers, the company recorded a $ 42 million for the quarter.
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