News Corp says it swung to a profit in the latest quarter on stronger-than-expected results at its film business and a solid performance by its television arm.
News Corp posted net profit of $275 million for the fiscal third quarter ended March 31st. That compares with a year-earlier loss of $4 billion, which included a $4.2 billion write-down in the value of its stake in Gemstar-TV Guide International Inc.
Rupert Murdoch's organisation - which owns the Fox television network, 20th Century Fox film studios and several satellite and newspaper properties - reported a 25 per cent increase in operating income at its filmed entertainment business amid strong home video sales.
Strength at its cable network and television businesses was driven by ratings increases at Fox News during coverage of the war in Iraq, and TV hits such as American Idoland Joe Millionaire.
These gains came despite costs related to war coverage and a slowdown in advertising over war-related concerns.