News Corp posts big rise in profits
News Corporation, the Rupert Murdoch fronted media conglomerate, has announced a leap in profits of 150% in the last three months of 2010 thanks to strong showing from its television arm.
Strong advertising revenue at its US cable TV channels, notably Fox, drove gains which saw the firm rake in £385m over the period.
One dark cloud which continues to trouble Murdoch’s horizon however is MySpace. The social networking site continues to act as a drain on the business with a recent restructuring program forcing the group to write off $275m in the business.
The results cap a busy period for Murdoch who yesterday unveiled the latest front in his empire, an iPad exclusive newspaper called The Daily.
This comes amidst continuing speculation surrounding a possible Competition Commission referral of News Corp’s BSkyB bid and ongoing revelations in the News of the nWorld hacking inquiry.