Cable Nets Drive Fiscal Q1 At News Corp.
Operating Income Grew 41%; 79% Gain At Fox News
Mike Farrell -- Multichannel News, 11/4/2009 4:46:45 PM
Cable networks continued to shine at News Corp. in the fiscal 2010 first quarter, with revenue up 10.5% to $1.6 billion and operating income soaring 41% to $495 million, but not enough to stop the bleeding at its broadcast television and newspaper properties.
Overall revenue at the media giant declined 4% to $7.2 billion and operating income rose 9% to $1.04 billion. Revenue at its broadcast television unit continued to decline, down 7.7% in the period to $765 million. Operating income at the unit, dominated by Fox Broadcasting network and its owned-and-operated television stations, declined 54% to $38 million. At its newspaper and information properties, which includes the New York Post and The Wall Street Journal, revenue declined 17.7% to $1.4 billion and operating income plunged 81% to $25 million.
While its other properties struggled, cable networks reported another strong quarter. Fox News Channel registered its highest ever quarterly profit and increased its operating income 79% from a year ago, primarily because of increased affiliate fees. During the quarter, viewership at FNC was 125% greater than its nearest competitor in primetime and 94% higher on a 24-hour basis, reflecting
At News's other cable channels, operating profit increased 28% from the prior year, and higher contributions from the Big Ten Network and its regional sports networks were largely due to increased affiliate revenue.
No related content found.
Featured Company
-
Telestream
Telestream products are used by the world's leading media and entertainment companies and corporations for transcoding and workflow automation. Telestream helps customers transform their media for multiplatform distribution to web, mobile, DVD, cable VOD, podcast and broadcast pl..more
VIEW ALL GALLERIES
