Rupert Murdoch’s News Corp sees quarterly profits double

City A.M. Reporter
MEDIA giant News Corp last night reported a jump in quarterly profits thanks to strong growth at its cable networks.

Total revenue at the Rupert Murdoch-controlled business rose five per cent to $9.43bn (£6bn) for the final three months of 2012, while profits more than doubled to $2.4bn.

However it spent a further $56m covering costs relating to the closure of the News of the World following the phone hacking scandal.

The division that operates the company’s newspapers and book publishing reported operating income rose to $234m from $218m. News Corp said the launch of The Sun on Sunday helped offset lower advertising revenues at its Australian newspapers.

News Corp is preparing to separate its faster growing entertainment assets from its newspapers such as The Times and The Wall Street Journal. The move has been greeted with enthusiasm from investors who have driven up the stock almost 50 per cent over the last year.

The company’s global media empire also includes Fox Broadcasting and the film studio Twentieth Century Fox.