News Corp., the media conglomerate controlled by Rupert Murdoch, said Wednesday that second-quarter earnings grew 80 percent due to strong results in the company's film and cable operations.
Net income totaled $386 million, or 13 cents per share, up from $215 million, 8 cents per share, a year ago.
Revenue increased 18 percent to $6.56 billion from $5.55 billion in the prior year, driven by double-digit increases at the Filmed Entertainment, Cable Network Programming and Magazine and Inserts segments, despite $36 million in costs associated with the reincorporation.
"While our country of incorporation changed in the second quarter, the growth we continue to deliver remains the same. Operating income was up 24 percent on revenue gains of 18 percent, led by record results at our filmed entertainment and cable network programming segments. Film thrived this past quarter as our summer theatrical successes generated even greater returns in home entertainment. At the same time, our diverse set of cable channels turned higher ratings and more desirable demographics into increased revenues and continued profit growth," said Chairman and Chief Executive Officer Rupert Murdoch.