Arab Today, arab today news corp doubles profit gears up for split
Last Updated : GMT 10:30:32
Arab Today, arab today
Arab Today, arab today

News Corp doubles profit, gears up for split

Arab Today, arab today

Arab Today, arab today News Corp doubles profit, gears up for split

New York - AFP

News Corp said Wednesday it is on track to complete the split of the media-entertainment conglomerate by June, as the company reported a jump in profits from its accounting of broadcast operations. The Rupert Murdoch-led group said profits more than doubled to $2.38 billion, boosted by income from newly acquired broadcasters. In releasing the earnings, Murdoch said the media-entertainment conglomerate was making \"progress\" toward the breakup of the group into two companies -- one focused on publishing, the other on the fast-growing entertainment operations. Chief operating officer and president Chase Carey told a conference call the company was \"on track\" for the breakup by the end of the company\'s fiscal year on June 30. The company announced the restructuring in June, a move partly seen as a nod to shareholders angered by the reputational damage and costs inflicted by a phone hacking scandal in Britain, and partly because of troubles within the group\'s publishing arm. Carey repeated the assertion that the move would \"unlock value\" for shareholders at News Corp, whose assets include the Fox studios and broadcasting operations, a broad array of cable and satellite TV properties, The Wall Street Journal and newspapers in Britain and Australia. News Corp. revenue for the fiscal second quarter to December 31 rose five percent from a year earlier to $9.43 billion, led by 18 percent growth in cable programming. The profit adjusted for special items amounted to 44 cents a share, two cents better than Wall Street estimates. Murdoch said the results show \"our strong momentum\" as the company \"seized opportunities to invest in our core businesses for long-term and sustainable growth.\" \"The strategies we executed again in the quarter continue to bolster News Corporation\'s competitive position and enhance our ability to benefit from global demand for content, especially sports programming,\" he added. \"As we make progress toward the proposed separation of our entertainment and publishing businesses later this year, I am confident in the future prospects for both businesses.\" The company\'s cable network programming accounted for an operating profit of $945 million and filmed entertainment $383 million. A big part of the profit jump came from gains posted in accounting for the company\'s increased ownership stakes in Fox Sports Australia and Fox Star Sports Asia. This added $1.4 billion to profits. The group saw a modest increase in publishing, a unit which includes The Wall Street Journal and other newspapers. The operating income for the segment was $234 million, a $16 million improvement from a year earlier, helped by improved results from British newspapers, the company said. Among the disappointments in the past quarter were losses from its Sky Italia satellite TV, which Carey attributed to \"the economic crisis in Italy,\" and sports broadcasting, which we blamed on \"a sports schedule which just didn\'t bounce our way.\" Profits dipped at the company\'s film operations, reflecting negative comparisons to the prior year. The segment profit was $383 million, from $393 a year ago. The biggest contributor was \"Life of Pi, which has brought in some $500 million in worldwide box office receipts, but the unit failed to keep up with the pace set last year from \"Rio,\" \"Rise of the Planet of the Apes\" and \"X-Men: First Class.\" The results included $56 million set aside for investigations of the phone-hacking scandal in Britain, which led to the closure of The News of the World. Some $23 million was set aside for charges related to the reorganization of the company.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today news corp doubles profit gears up for split Arab Today, arab today news corp doubles profit gears up for split

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday