Double digit quarter for News Corporation


News Corporation closed out its fiscal year in fine form, with fiscal Q4 (April-June) posting net income from continuing operations of 1.2 billion bucks, up 18%. Revenues rose 9% to 7.4 billion. The cable network business was a powerhouse, with operating income up 46% to 284 million, with credit for the gain given to Fox News Channel (up 41%), the Regional Sports Networks, FX and the Fox International Channels.

Television operating income fell 18 million for the quarter to 385 million, with the Fox network up, but the Fox O&O stations down – and, of course, a loss from MyNetworkTV. In the company's conference call, COO Peter Chernin said that the losses by MyNetworkTV over the past year "were not tolerable losses," but he noted that the new network's loss decreased by 50% in Q4 after a change in programming.

Looking to fiscal 2008, now underway, News Corporation CFO David DeVoe projected that operating income growth will be in the low teens. That does not include any impact from the Dow Jones acquisition.