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For its fiscal fourth quarter ending in June 2012, News Corp. said there was lower TV advertising due at its Fox network unit -- primarily due to lower "American Idol" ratings. But revenues were offset by retrans revenues, which doubled versus the prior year period.
News Corp.'s television segment slipped in overall revenues to $1.083 million versus $1.120 million in its fourth quarter 2011 results. Operating income also sank -- down $20 million to $213 million.
News Corp. says, however, it is still seeing steady and solid results from its cable TV network business -- 15% growth in revenue from advertising sales and affiliate revenue going to $2.5 billion. Operating income climbed 26% to $792 million. Higher income results came from steady growth from Fox News Channel and FX Network, two of the biggest revenue producers for News Corp.
Company-wide News Corp.'s revenues sank $8.4 billion, as compared to the $9.0 billion in the fourth quarter 2011. It also registered net loss of $1.6 billion versus net income of $683 million in the prior year quarter. News Corp. said there was a $2.9 billion write-down charge from News Corp.'s publishing businesses. The company plans to spin off the business unit.
In after-hours trading News Corp. stock dropped 3.6% to $22.80.
News Corp. Filmed Entertainment unit also suffered -- down to $1.7 billion versus $2.0 billion, with net income down to $120 million from $210 million in the prior year quarter. News Corp. theatrical revenues had unfavorable comparisons to a year ago -- which gained from strong results of "Rio," as well as good home entertainment business from "Black Swan' and "The Chronicles of Narnia: Voyage of the Dawn Treader."
Publishing business went in a southerly direction -- to $2.0 billion from $2.4 billion. Net income sank to $139 million from $270 million.
Read more: http://www.mediapost.com/publications/article/180493/news-corp-broadcast-tv-dips-but-cable-returns-so.html#ixzz230VmuZWG
News Corp.'s television segment slipped in overall revenues to $1.083 million versus $1.120 million in its fourth quarter 2011 results. Operating income also sank -- down $20 million to $213 million.
News Corp. says, however, it is still seeing steady and solid results from its cable TV network business -- 15% growth in revenue from advertising sales and affiliate revenue going to $2.5 billion. Operating income climbed 26% to $792 million. Higher income results came from steady growth from Fox News Channel and FX Network, two of the biggest revenue producers for News Corp.
Company-wide News Corp.'s revenues sank $8.4 billion, as compared to the $9.0 billion in the fourth quarter 2011. It also registered net loss of $1.6 billion versus net income of $683 million in the prior year quarter. News Corp. said there was a $2.9 billion write-down charge from News Corp.'s publishing businesses. The company plans to spin off the business unit.
In after-hours trading News Corp. stock dropped 3.6% to $22.80.
News Corp. Filmed Entertainment unit also suffered -- down to $1.7 billion versus $2.0 billion, with net income down to $120 million from $210 million in the prior year quarter. News Corp. theatrical revenues had unfavorable comparisons to a year ago -- which gained from strong results of "Rio," as well as good home entertainment business from "Black Swan' and "The Chronicles of Narnia: Voyage of the Dawn Treader."
Publishing business went in a southerly direction -- to $2.0 billion from $2.4 billion. Net income sank to $139 million from $270 million.
Read more: http://www.mediapost.com/publications/article/180493/news-corp-broadcast-tv-dips-but-cable-returns-so.html#ixzz230VmuZWG
