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.