News Corp. made big gains in its first fiscal 2004 quarter (ended Sept. 30), with revenue up 22% to $4.6 billion and operating income up 31% to $719 million.
But the TV results were mixed, with operating income down 5% to $179 million on a 1% revenue decline to $1.01 billion. The company said declining ratings at the Fox Network offset profit growth at the TV stations, which posted operating income increase of 7%.
The cable networks posted better numbers: a 13% revenue gain to $627 million, with a 13% gain in operating income to $133 million. Fox News and the regional sports channels were cited as the big revenue gainers, "slightly offset" by higher programming costs at FX. The film and several print divisions also posted big revenue and profit gains.
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