News Corp. Swings to Profit, Stock Gets Goosed
Yesterday after the stock market closed, Rupert Murdoch’s News Corp. (NWS) media empire reported fiscal fourth-quarter and full-year results. Wall Street liked what it saw, briefly sending the stock up more than 6% this morning.
Including special items like the sale of a Bulgarian TV station (who knew!) and a litigation settlement, the company swung to a fourth-quarter profit of $875 million from a loss of $203 million a year ago. Operating income came in at $932 million, vs.
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