TV income boosts profits at News Corp

Rupert Murdoch

Rupert Murdoch

News Corporation has announced that income at its television businesses has helped its profits jump 150% in the last quarter of 2010.

The company – owned by Rupert Murdock – made $642m in the last quarter of 2010 up from $254m the previous year.

The firm have said the gains were due to strong advertising at its US cable channels such as: Fox News.

Although, the restructuring of its MySpace internet business had eaten into his profits.

News Corp includes Fox broadcast and cable networks, 20th Century Fox film studios, Harper Collins book publisher, and newspapers such as the Wall Street Journal and the Times.

Murdock once again extended his media empire on Wednesday after launching a digital newspaper for the iPad called The Daily.

Mr Murdock addressed an audience in New York’s Guggenheim Museum and said that he had hopes that The Daily would be an “indispensable source of news” in the growing tablet market.

Last week, the UK’s Culture Secretary Jeremy Hunt announced that he intended to refer a bid from News Corp to buy the remaining shares of BSkyB to the Competition Commission.

But he has given News Corp extra time to address concerns he has regarding “potential threats to media plurality”.

The group already has a 39% stake in BSkyB and is trying to buy the rest.

It also owns UK newspapers the Sun, News of the World, the Times and Sunday Times

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