NEW YORK: The Fox owned-and-operated TV stations helped contribute to a to $29 million gain posted by New Corp.’s television division, compared to a $2 million loss a year ago.
“The improved results reflect increased contributions from the Fox Television Stations and reduced losses at MyNetworkTV which were partially offset by lower contributions from Fox Broadcasting Co.,” e.g., the network, News Corp. stated in its earnings release for its second fiscal quarter, ending Dec. 31, 2009.
Income at the Fox TV stations increased 19 percent compared to the same period a year earlier, despite lower revenues on political advertising. News Corp. cited improved local advertising sales, particularly in telecom and retail, “and increased advertising during the Major League Baseball American League Championship Series and World Series.”
The Fox network’s second fiscal quarter turned in lower results because of “higher programming costs driven by increased license fees for returning series and sports that more than offset higher advertising revenue,” News Corp. said.
Consolidated results for all divisions yielded net income of $254 million, or 02 cents a share, on revenues of $8.7 billion. Shares of News Corp. (NASDAQ: NWSA) rose more than 7 percent to close at $13.67.
