Media empire News Corp last night reported a surge in fourth-quarter net profit, thanks in part to double-digit growth in its cable network and satellite television segments.
Rupert Murdoch's conglomerate posted $852m in net profit in its final quarter ended June 30, up 18.8% on a year earlier. For the full 2005/2006 year, net profit rose 8.7% to $2.3 billion. Sales were up 6% in the year to $25.3 billion.
The media group said better advertising revenues and the sale of a European radio unit helped propel profits higher. But other business units also pushed up overall profits.
Higher advertising sales for the company's Fox News Channel, which features US conservative pundits such as Bill O'Reilly, helped improve News Corp's bottom line during the period. Results were also helped by the success of 20th Century Fox film studios' 'Ice Age: The Meltdown', which has grossed over $640m in box office receipts to date.
The company owns a string of media titles including The Times newspaper of London and Britain's Sun tabloid, as well as newspaper titles in the US and Australia.
