Cable Unit Lifts News Corp.
News Corp. managed to offset a steep decline at its 20th Century Fox film business to report higher fiscal fourth-quarter net income, boosted by sharply higher results from its cable channels and its Italian satellite-TV operation.Gee, the nonstop bashing of Fox News Channel by the sniveling Democrats and their sycophants really put a dent in their profits.
News Corp. said the results also reflected the "first full year of profitability at Fox Interactive Media," the division that includes the company's social-networking Web site MySpace. The results weren't broken out in detail, although Chairman Rupert Murdoch told analysts and reporters on a conference call the division generated $550 million in revenue and predicted it would top $800 million in fiscal 2008.
News Corp.'s net income rose 4.5% in the quarter ended June 30 from the year-earlier period, when it was boosted by an asset sale. The results were released after the market closed. In 4 p.m. New York Stock Exchange composite trading, News Corp. shares were up 46 cents, or 2.1%, to $22.80.How dare they make money. Don't they realize they should just give it up to the left so they can redistribute it fairly?
Much of the quarter's growth came from News Corp.'s cable-network segment, which includes Fox News Channel, FX and sports and international cable channels. Fox News's profit has been boosted by higher ad rates and increased fees from cable and satellite operators. Another big contributor to the quarter was the Sky Italia satellite-TV unit, as an increase in subscribers offset growing programming costs.Contacted at the beauty parlor, John Edwards declined comment.
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