Fox TV helps News Corp. cash in

A big jump in profits at Fox TV helped propel News Corp. to a 34% increase in net profit to $217 million in the third quarter, which ended March 31, the company reported on May 2.

The third quarter ended March 31.

Coming two days before the Federal Communications Commission virtually cleared Fox on the long-running foreign ownership inquiry, the earnings report showed how important the profits Fox TV unit is to News Corp.

News Corp.’s television businesses, primarily Fox TV stations and Fox Broadcasting, increased cash flow 49% to $85 million. This includes losses from the company’s Star TV satellite operation in Asia, however, and News Corp. noted that cash flow for the U.S. TV business rose more than 50%.

Television’s revenue rose 38% to $429 million. News’ cash flow rose 28% to $277 million while revenue rose 17% to $2.1 billion.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety

Loading