News Corp reports 51% profit jump
News Corp, the Rupert Murdoch-run media company, has reported a jump in profit, helped by its newspapers and TV channels, including Fox News.
Profit in the quarter to 31 December surged 51% to $361m (£191m) from a year earlier while sales rose 19% to $5.6bn.
Revenue at its newspaper group had the biggest gain, advancing 67%, while its cable TV operation saw a 55% increase.
That has prompted the company to guide the market towards the high end of its forecasts for this year's earnings.
American Idol success
News Corp's chief financial officer David DeVoe said that operating profit this year was likely to climb by a percentage number in the low double digits.
The company, which owns the UK's Sun and New York Post newspapers, also said demand for its new Italian pay-TV service was improving.
In the meantime, News Corp plans to attract more viewers and advertisers by developing fresh programmes for its cable channels.
Some analysts said they were surprised by the recent success of shows such as American Idol, which lets the public choose a new pop star.
However, its popularity has helped lift viewing figures and attract attention to other products.
"There was initially some concern that the television properties were a little weak, but shows like 'American Idol' are doing very well and it's taking 'My Big Fat Obnoxious Fiance' with it," said Andy Baker, an analyst at Cathay Financial.
No Disney bid
Chief executive Rupert Murdoch scotched speculation that News Corp was planning to enter the fray and bid for Disney.
Comcast, a US cable-TV company, on Wednesday offered to buy the animation and movie company in a deal valued at more than $60bn.
"We certainly won't be making a run at Disney," Mr Murdoch said.
News Corp already controls UK satellite broadcaster BSkyB and Star TV in Asia, as well as having 25% of Australia's FoxTel. It also has stakes or control of other networks in Europe and Latin America.
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Re: Comcast proposes to buy Walt Disney Co.
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