News Corp. profit up thanks to television business
SAN FRANCISCO — Scandal-battered media behemoth News Corp. on Wednesday reported a bumper end to the fiscal year with profits and revenue buoyed by its cable television business.
News Corp. said net income for the recently-ended fourth fiscal quarter tallied $683 million and that it finished the year with profit amounting to $2.74 billion as compared with $2.54 billion in 2010.
“While it has been a good quarter from a financial point of view, our company has faced challenges in recent weeks relating to our London tabloid, News of the World,” News Corp. chief executive Rupert Murdoch said in a press release.
“We are acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again.”