Heads Explode as News Corp. Reaps Record Profits

Alas, the good news is tempered somewhat by a less robust forecast for 2009, but you can be sure there will be much gnashing of teeth knowing the owner of Fox News, among other media and entertainment outlets, is raking in the dough.

And this after seeing the evil oil companies raking in the profits. Will the left be able to internalize the rage at the success of capitalism?

News Corp., the media empire of Rupert Murdoch, posted Tuesday soaring profits for its fourth quarter and fiscal year, lifted by double-digit revenue gains and strong operating income.

Net profit in the fourth quarter that ended June 30 reached 1.1 billion dollars, or 43 cents earnings per share, a 27 percent increase from a year ago. Revenue climbed 16 percent to 8.58 billion dollars.

The results solidly topped most analysts' forecasts of 34 cents earnings per share on revenue of 8.51 billion dollars.

For the 2008 fiscal year, net profit leaped 68 percent to 5.4 billion dollars, with sales up 15 percent at 32.99 billion. It was the sixth consecutive year of record profits.

The full-year results include a 1.7-billion-dollar tax-free gain on an asset-and-stock exchange with Liberty Media Corporation, as well as gains from the sales of Fox Sports Bay Area and Gemstar-TV Guide International, the company said in a statement.

All this while liberal media outlets (hello, New York Times) continue to hemorrhage.

Maybe there's something to be said for objectively presenting the news.