Media dynasty announces profits amid new publication launch
Media giant News Corporation announced on 2 February that its revenues for the second quarter increased to $642 million from $254 million for the same period a year before, as it simultaneously launched its news publication created exclusively for the iPad.
In a statement, the family-controlled company said that its operating profit rose by 6% year-on-year despite a $500 million litigation charge made against the media group. The profits were attributed to growth at the cable network programming and television segments, with comparatively less growth in the filmed entertainment and other sectors.
Chairman and chief executive Rupert Murdoch (pictured) said: “News Corporation’s second quarter results demonstrate the mounting vigour of our global channels business. I am confident that the significant positive momentum from these businesses will not only continue to drive News Corporation’s growth for the remainder of the fiscal year, but also strengthen the company for growth in the years to come.”
News Corp reports its profits on a fiscal year running from 1 July to 30 June. The announcement of the company results came amidst the launch of the Daily, News Corp’s tablet-only news application. Designed from scratch exclusively for the iPad, the application is currently limited to the Apple tablet, and expected to be available with competitors at a later time. Subscription-based, the publication will cost 99 cents a week or $39.99 a year. Each daily issue will run up to 100 pages, with the content focused on news, sports, gossip and celebrity, opinion, arts and life, and apps and games.
Murdoch said: “The magic of great newspapers, and great blogs, lies in their serendipity and surprise, and the touch of a good editor. We're going to bring that magic to the Daily – to inform people, to make them think, to help them engage in the great issues of the day.”
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