Reflecting the downward spiral of its Fox television network, News Corp on Wednesday reported first-quarter earnings below those of a year ago but somewhat better than analysts had expected. The Sydney-based company said that its profits dropped to $149 million on revenue of $3.24 billion compared with $165 million on $3.16 billion for the same period a year ago. The downturn in TV revenue was offset in large measure by strong performance of its Filmed Entertainment unit (including its 20th Century Fox studio), whose operating income rose to $101 million against $46 million a year ago. Speaking to analysts, News Corp Chairman Rupert Murdoch said that he expected the planned Sky Global Networks IPO to be floated in the first quarter of next year.

Source: Studio Briefing