News Corp. reported that gains in its TV business were offset by lower income at its filmed entertainment unit, the result being that its fiscal third-quarter net income declined to $639 million from $839 million a year earlier, reports Jon Lafayette at B&C.
One of the challenges was the comparison against last year’s boost from the hit film "Avatar," the story says.
Cable networks were News Corp.’s biggest generator of earnings, said Chief Executive Rupert Murdoch. Profits at the unit jumped 25% to $735 million, while sales rose 13%.
Operating income for News Corp.’s TV segment surged to $192 million from $40 million. Revenue increased 2% because of the Super Bowl and a healthier ad market, the piece notes, while costs were down in part because of the end of the series “24.”