Tuesday, November 12, 2013

News Corp. Reports $38M Profit

News Corp. reported Monday a net profit of $38 million in the quarter ended Sept. 30, compared with a loss of $83 million a year earlier, according to The NY Post.

Revenue in the period fell 2.9 percent to $2.07 billion.

It was the first quarterly report from recently independent News Corp., which separated most of its non-newspaper businesses into a new company called 21st Century Fox in July.

Fox houses a Hollywood studio and cable and TV network operations.

“Our first quarter as the new News was the beginning of a journey in the digital development of the company,” CEO Robert Thomson said in a statement.

News Corp., whose publishing properties include The NY Post and the Wall Street Journal, said the decline in revenue reflected a drop in demand for print advertising, primarily in Australian publications.

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