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News Corp profit rises on DVD sales, TV

News Corp. says quarterly profit rose on sales of DVDs, the hit film “Cheaper By The Dozen,” and its highly rated “American Idol” television show.
/ Source: Reuters

News Corp. on Thursday reported quarterly profit rose on sales of DVDs, the hit film “Cheaper By The Dozen,” and its highly rated “American Idol” television show.

The global media conglomerate controlled by Rupert Murdoch posted a net profit for the fiscal third quarter ended March 31 of $465 million, or 32 cents per American depositary receipt, compared to $275 million, or 21 cents per ADR, in the year earlier quarter.

Revenue for the quarter rose 19 percent to $5.2 billion, from $4.4 billion.
Profit excluding items was 31 cents, beating Wall Street consensus estimates of 27 cents a share, according to Reuters Research, a unit of Reuters Group, Plc.

News Corp, which owns a controlling stake in U.S. satellite television operator DirecTV, the 20th Century Fox movie studio, and the New York Post newspaper, said it plans to reincorporate the company in United States later this year, with hopes of bolstering American institutional investor ownership.