of the world’s largest media companies reported buoyant quarterly earnings yesterday amid signs of resurgent income from advertising.
News Corporation, whose portfolio includes satellite broadcaster BSkyB and The Times newspaper, swung to a profit of $875m (£550.7m) or 33 cents per share in the fiscal fourth quarter. It lost $203m at the same point last year due to an impairment charge.
News Corp, run by Australian tycoon Rupert Murdoch, said an advertising rebound and cost cuts boosted operating income at its newspapers by 20 per cent.
Time Warner, the owner of US news channel CNN and the Warner Brothers film studio, said its second quarter net income was up seven per cent to $562m or 49 cents per share. Revenue climbed eight per cent to $6.4bn, the highest level in two years.