News Corp reported Wednesday that its profits on continuing operations rose 18 percent in its last quarter to $822 million from $694 million during the comparable period a year ago, when it also recorded a one-time gain of $381 million from the sale of an educational publishing company. The company's gross revenue also rose 18 percent to $7.84 billion from $6.67 billion. News Corp credited its movie studio, 20th Century Fox, and its subunits for much of the revenue gain as its earnings from movies jumped 57 percent to $470 million from $299 million. Its strongest performer in theaters domestically: Borat: Cultural Learnings of America for Make Benefit Glorious Nation of Kazakhstan. Its strongest performer in theaters overseas: The Devil Wears Prada. Its strongest performers on DVD: X-Men: The Last Stand and Ice Age 2: The Meltdown. TV earnings were down 39 percent, however, to $112 million on lower sales at its Fox broadcast network and heavy losses from its new MyNetworkTV mini-network. In a statement, News Corp Chairman Rupert Murdoch said during a conference call that the results for MyNetworkTV TV were "far below expectations." COO Peter Chernin added, "Clearly, MyNetworkTV is not going as originally planned."




08/02/2007