Earnings: Cable Helps Lift News Corp. Profits

Fox News Channel, FX boost ad sales in Q1

News Corp. reported today that its fiscal year first-quarter earnings tripled from a year ago, reflecting a one-time gain from the sale of its NDS holdings and a strong showing from its cable TV networks.

The media conglomerate posted net income of $2.23 billion, or 94 cents per share, up from $738 million, or 28 cents per share, in the year-ago period.

While a good deal of that growth came courtesy of a $1.38 billion lift in “other” income—a catch-all that includes gains made on the sale of its 49 percent investment in the NDS business—the cable business was particularly robust in Q1.

Operating income at the cable unit soared 23 percent to $953 million, thanks to heavy spending on Fox News Channel, FX and the Fox Cable RSNs.

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