News Corp. said first-quarter profit increased to $162 million fr...
News Corp. said first-quarter profit increased to $162 million from $73 million last year, with revenue increasing 12% to $3.8 billion and operating income 51% to $548 million. Growth was driven primarily by substantial increases in TV and cable…
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network programming segments, it said. TV segment had operating income of $188 million, up $136 million from year ago. Fox TV stations’ operating income grew $93 million, benefiting from stronger ad market, it said. Cable unit, including Fox News Channel and Fox News Network, reported operating income of $118 million, up $86 million, reflecting strong growth across all of company’s cable TV channels, it said. Fox News operating income rose $29 million on increases both in affiliate and ad revenue, company said, with affiliate revenue being driven by 10% increase in subscribers. Fox Sports operating profit improved 87% primarily due to strong results at Regional Sports Networks and FX channel, it said.