Growth in cable business, Fox give News Corp. a boost

NEW YORK (AP) — News Corp., the media conglomerate run by Rupert Murdoch, reported an 8 percent increase in earnings for its fiscal fourth quarter on Wednesday, thanks in part to growth in its cable TV business and the Fox broadcast network.

The company, which recently announced plans to move its headquarters from Murdoch's native Australia to New York, earned $399 million in the quarter ending June 30, up from $370 million in the comparable period a year ago.

Net earnings per U.S.-listed share were equivalent to 27 cents vs. 28 cents a year ago. Excluding one-time items, the company reported earnings of 29 cents per share compared to 24 cents per share, a penny ahead of the estimate of analysts surveyed by Thomson First Call.

The results were released after the close of regular trading on the New York Stock Exchange, where News Corp.'s shares fell 52 cents to end at $32

Revenues grew 20 percent in the quarter to $5.52 billion from $4.59 billion.

In a conference call with financial analysts and reporters, Murdoch declined to discuss details about the company's previously disclosed plans to launch several new cable channels over the next few years. Last month News Corp. said it would launch a reality-show network.