News Corp split on track for mid-2013

RUPERT Murdoch’s News Corp last night unveiled record-breaking profits as the media conglomerate rides a boom in pay TV revenue.

Murdoch also confirmed plans to split the company in two “near the end of our fiscal year”, which ends on 30 June.

The News Corp name will live on in a standalone publishing business, while the film and TV assets will be owned by a venture named 21st Century Fox.

Total revenues at the existing group hit $9.5bn (£6.1bn) during the first three months of 2013, up 14 per cent from a year earlier. Profits increased to $2.85bn.

The company said the growth was driven by the purchase of a controlling stake in German firm Sky Deutschland and good results at other cable networks.

In comparison quarterly revenues from the company’s newspaper division fell to a mere $85m during the quarter. This is before taking into account $42m of costs relating to the ongoing probe into phone hacking at the now-defunct News of the World.