Murdoch’s News Corp profits up threefold thanks to TV channels

NEWS CORP revealed a trebling in profits last night thanks to growth in its lucrative cable networks division.

Rupert Murdoch’s media giant said its US channels, such as Fox News, Fox Sports and the FX Network, saw a 33 per cent year-on-year increase in operating income in the third quarter.

This was driven by higher advertising revenues and extra income from pay-TV providers which screen the channels.

The boost offset declines in News Corp’s publishing business – which includes the Times, the Sun and the Wall Street Journal as well as book publisher HarperCollins – and in its Sky Italia broadcasting operation.

News Corp’s Twentieth-Century Fox film studio also improved on last year.

Overall, News Corp posted a two per cent rise in revenue to $8.1bn (£5bn) and a leap in pre-tax profit from $786m to $2.3bn.

However, the company booked a $67m charge for costs relating to last year’s closure of the News of the World.

Results beat expectations, sending shares up more than two per cent in after-hours trading.