Quarterly Profit Jumps At News Corp

News Corp, controlled by media mogul Rupert Murdoch, reported a 49 percent jump in quarterly profit on Wednesday, benefiting from growth in its newly acquired TV network business and subscription price hikes.

The owner of the Wall Street Journal and the New York Post said its circulation and subscription revenue jumped about 59 percent to $1.03 billion.

According to Reuters, the company’s subscription video services unit, which includes Australian pay TV company Foxtel that was acquired by News Corp earlier this year, contributed $565 million to its overall revenue.

Revenue at the company’s news business rose about 1 percent to $1.25 billion.

Net income available to shareholders rose to $101 million, or 17 cents per share, in the first quarter ended Sept. 30 from $68 million, or 12 cents per share, a year earlier.

Total revenue rose to $2.52 billion, but missed analysts’ estimates of $2.54 billion.