Fox News doubles operating income

News Corp press release:

NEW YORK–(BUSINESS WIRE)–News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today reported third quarter net income of $2.7 billion ($1.04 per share) compared with net income of $2.7 billion ($0.91 per share) reported in the third quarter a year ago. During this third quarter, the Company recorded a net gain of $1.2 billion on the partial sale of its ownership stake in NDS Group plc (“NDS”) and a non-cash tax benefit of $1.2 billion from the resolution of various tax matters. The prior year’s third quarter net income included a $1.7 billion tax-free gain on the asset and stock exchange with Liberty Media Corporation. Operating income for the third fiscal quarter ended March 31, 2009 was $755 million, compared with $1.4 billion reported a year ago.

Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said:

“Our third quarter results directly reflect the continuing weakness of the global economic climate. Despite this tough environment, we have proven resilient in several key areas this quarter. Our Cable Network Programming segment showed remarkable growth, led by the FOX News Channel which nearly doubled its operating income over the year ago quarter. Filmed Entertainment saw an earnings increase in the same period and I am encouraged by our upcoming slate of movies this summer.

We improved our already solid cash position adding another $2.4 billion to our cash balances during the third quarter, which includes cash received from the completion of the NDS transaction. We continued to make necessary operational adjustments to ensure our businesses are performing at optimum levels. We are working daily to increase market share and strengthen our core businesses, even in this very challenging environment.”

HT Drudge.

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