News Corp's quarterly results beat forecasts

  • News Corp has posted a stronger than expected quarterly profit on the back of growth at its cable networks and studio business.

    The news saw shares in the company run by Rupert Murdoch rise by 2.7 percent in post-market trade.

    News Corp’s fiscal third quarter net income rose to $937 million up from $639 million a year ago.

    The company’s profit however was dented by a charge of $63 million for costs related to the investigations of a phone hacking scandal at its UK newspapers.

    At its cable networks such as FX and Fox News, revenue was up by 16 percent due to an increase in affiliate fee revenue from distributors.