News Corp., the parent of the Fox TV and related cable networks, reported net income of $162 milliona, a 95% increase from the same quarter last year, thanks to strong advertising growth in its broadcast TV network and local Fox stations.
Total revenue $3.81 billion
Total revenue for the media company rose 12.1% to $3.81 billion, with TV revenue up 29.3%, cable revenue up 21.3% and newspapers up 6.5%. Filmed entertainment, including the Twentieth Century Fox movie studio, was down 6% and magazine revenue was flat.
Although management admitted some of the advertising gains were the result of easier comparisons to last year's Sept. 11 period, President Peter Chernin said TV advertising sales are pacing up 13% in November and 21% in December.
Fox is experiencing strong advertising momentum, especially in the automotive categories, said Chief Financial Officer Devid Devoe. He added all News Corp. divisions are projecting growth in the 2003 fiscal year started July 1, thanks to stronger advertising.