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Murdoch’s News Corp is boosted by film success
NEWS Corp has reaped the rewards of the 3-D blockbuster Avatar by posting higher-than-expected quarterly profit.
Rupert Murdoch’s media empire, whose revenue grew 19 per cent to $8.8bn (£5.8bn) for the quarter ended 31 March, also benefited from an improvement in the broader advertising market, which helped its newspapers and cable networks.
“The quarter was really impressive. Film was expected to be the standout, but it was even stronger than expected and blew out the Street’s numbers,” said Tuna Amobi, equity an analyst at Standard & Poor’s.
News Corp is home to Fox broadcast and cable networks, Twentieth Century Fox movie studios and newspapers, including The Sun.