NEW YORK — King World Prods. increased net profit in the first quarter of fiscal 1997 by 5% to $35 mil-lion, on 1% higher revenue of $164.3 million, it said Tuesday.
The profit fattened the syndicator’s cash pile, which stood at $683 million at the end of November, when the period ended. King World recently formed a new wing, King World Ventures, to focus on investments and acquisitions that could utilize some of the cash.
The revenue growth came from higher cash license fees for “The Oprah Winfrey Show” and “Wheel of Fortune,” both of which continue to be strong performers. The earnings also were helped by higher interest income and a lower effective tax rate. King World stock closed Tuesday unchanged at $37.50.