Murdoch's News Corp net income rises 11%

Global media giant News Corporation has reported a 11 per cent growth in first quarter net income at $571 million, helped by gains in cable network programming businesses and filmed entertainment segment.

In the year-ago period, net income attributable to the company's stockholders stood at $515 million, News Corp said in a statement.

"I am pleased that the company has delivered exceptionally strong results this quarter, despite continued macro-economic challenges," Chairman and CEO Rupert Murdoch said.

Revenues increased to $7.19 billion in the quarter ended September 30 from $7.50 billion in the same period last fiscal.

The media company posted an operating income of $1.04 billion, an increase of nine per cent from year-ago period.

"Operating income growth was led by gains at our worldwide cable network programming businesses and renewed momentum at our Filmed Entertainment segment, reflecting our strong slate of films at the global box office," Murdoch added.

During the quarter, the company's cable network programming business clocked an operating income of $495 million, an increase of $145 million over year-ago period.

The 41 per cent growth in operating income reflects increased contributions from FOX News Channel, the Fox International Channels, STAR, the Regional Sports Networks and the Big Ten Network.

Besides, filmed entertainment segment registered an operating income of $391 million in the September quarter of 2009, compared with $251 million in the same period last year.

The company added increased contributions from the Fox International Channels were driven by continued affiliate revenue growth in Latin America, Europe and Asia.

However, in newspapers and information services operations the company has reported a decline of $109 million from the year-ago period to $25 million.