News Corporation sees quarterly profits double
News Corporation has reported a doubling of its quarterly profits in the wake of its acquisition of Fox Sports Australia and Fox Star Sports Asia, raking in $2.4bn in the three months to the end of December, compared to just $1.1bn over the same period a year earlier. The media conglomerate bulging bank balance was boosted by an uptick in its publishing operations despite being forced to shell out a further £35.8m in costs related to an ongoing phone hacking investigation. Rupert Murdoch attributed his firm’s double digit gains to a strong performance of their cable TV business as well as the launch of the Sun on Sunday last February. News Corp is currently progressing plans to cleave its operations in two; with one half handling publishing and education and the other focusing on media and entertainment.