Fox Lifts News Corp.’s 4Q
By Karen Brown -- Multichannel News, 8/13/2003 8:58:00 AM
A performance bounce from the Fox network and Fox News Channel helped to lift News Corp.’s quarterly numbers into the black.
The company posted profits for its fiscal fourth quarter of $370 million, compared with a $1.74 billion loss a year ago, when News Corp. had to write off its investment in Gemstar-TV Guide International Inc.
The improvement was fueled by stronger ratings and advertising income from Fox and Fox News.
Cable-network programming -- including Fox News, Fox Cable Networks Group, FX and Speed Channel -- pulled in $96 million in income, up $62 million compared with the fourth quarter of 2002. For the year, the cable networks’ income totaled $430 million, more than doubling the amount from 2002.
Fox News saw viewership during the quarter increase 92% in primetime and 108% on a 24-hour basis.
Meanwhile, News Corp. is still trying to close its deal to acquire 34% of Hughes Electronics Corp. for $6.6 billion in cash and stock.
That would give it controlling interest in Hughes’ DirecTV Inc. satellite-TV subsidiary, but there are several regulatory hoops remaining to clear, including a favorable ruling from the Internal Revenue Service and sign-off from the Federal Communications Commission.
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