News Corp. reported higher than expected earning yesterday, up 27% for the quarter and 57% for the fiscal year.
Much of the thanks goes to Fox News Channel. The New York Times cites, “improved performance by Fox News Channel,” as one of the key factors for the gains. “Operating income rose 10 percent for the quarter, and 16 percent for the year, to $1.27 billion, on the strength of higher affiliate fees and advertising rates charged by Fox News Channel,” writes Richard Perez-Pena.
The Los Angeles Times’ Dawn C. Chmielewski reports the big FNC gains as well, while noting, “[News Corp. COO Peter] Chernin said this helped offset the $160 million in first-year losses associated with starting up the Fox Business Network and the Big Ten Network.”