News Corp. reported lower quarterly results on a weaker performance at its Fox television unit, reflecting the advertising slump adversely affecting the TV market.
The company reported a profit of $145 million for its fiscal fourth quarter ended June 30, compared to $184 million for the same period a year earlier. Operating revenues fall 11.6 percent in the quarter, to $3.44 billion from $3.9 billion.
Fox Entertainment Group reported full year operating income before depreciation and amortization (EBITDA) of $1,129 million on revenues of $8.5 billion, as compared to prior year EBITDA of $1,096 million and revenues of $8.6 billion.
News Corp. honcho Rupert Murdoch is negotiating to gain control of Hughes Electronics and its DirecTV satellite TV unit. - Richard Tedesco