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News Corp. profit soars to $775M

By
Claire Atkinson
Published Nov. 4, 2010, 4:00 a.m. ET

News Corp.’s first-quarter profit jumped 36 percent after its cable, broadcast and newspaper businesses all posted gains.

Cable channels, which now account for 25 percent of revenues, continued to drive results for the media company.

An advertising recovery in the television and newspaper markets also helped, as did higher fees from cable and satellite providers for News Corp.’s cable and broadcast channels.

Last week, Fox reached new deals with Dish Network and Cablevision Systems to carry its programming.

Speaking on the earnings call, Chief Operating Officer Chase Carey said such deals are key to driving growth in the broadcast-TV business. “Over the next couple of years as we continue to close new agreements we will be taking this business to a whole new level of profitability,” he said.

News Corp., which owns The Post, said profit rose to $775 million, or 30 cents a share, from $571 million, or 22 cents, a year ago. Revenue climbed 3 percent to $7.4 billion.