Rupert Murdoch's News Corp. reported Wednesday that its earnings more than tripled in the latest quarter on a one-time gain of $1.7 billion from a stock exchange with Liberty Media Corp., the Associated Press reports
The media conglomerate, which owns Twentieth Century Fox, Fox News Channel and Dow Jones & Co., publisher of The Wall Street Journal, earned $2.69 billion or 91 cents per share, versus $871 million or 27 cents per share a year ago.
Revenue rose 16 percent to $8.75 billion from $7.53 billion.
The latest results were lifted by the gain of $1.7 billion from a stock exchange with Liberty, which wound up transferring News Corp.'s controlling interest in the satellite broadcaster DirecTV Group Inc. to the Colorado-based media company.
Higher earnings from broadcast television and cable network programming outweighed declines at the company's movie and TV studio division.
Broadcast television results jumped 53 percent due to higher results from Fox TV stations thanks to the Super Bowl; lower programming costs at the Fox broadcast network and better results from MyNetworkTV, a fledgling mini-TV network.
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