News Corp. Posts Mixed Quarter
Strong gains at cable can't offset big declines in broadcast
By Mike Farrell -- Multichannel News -- Broadcasting & Cable, 11/6/2008 4:44:00 AM
News Corp. reported mixed fiscal first quarter operating results Wednesday, as strong growth at its cable networks wasn’t enough to offset steep declines at its Fox TV stations and Filmed Entertainment divisions.
Overall, revenue at the media giant was up 5.6% to $7.5 billion, but operating income declined 9% to $953 million.
At the cable networks, revenue rose 18% to $1.3 billion and operating income increased 31% to $379 million, reflecting strong advertising and affiliate fee increases. The company said its flagship Fox News Channel reported a 27% increase in operating income while the rest of its cable channels collectively reported a 33% gain in operating profit.
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