Thanks in large part to FOX News parent company News Corp reported an 8% profit growth in its latest earnings report on Wednesday.
Much of this profit growth is attributed to a 16% increase in advertising revenue on News Corp’s domestic television channels.
News Corp, which also owns publishing segments like the Wall Street Journal and Dow Jones, reported a 13% increase in ad revenue in newspapers.
MediaMemo reports that revenue at MySpace was down $70 million compared to the same quarter a year ago, and there are no signs that things will improve.
After trying to positively spin MySpace’s downward spiral for over a year, COO Chase Carey has finally come out and openly called MySpace a problem: “Current losses are not acceptable or sustainable,” he said in a conference call to investors while subbing in for Rupert Murdoch.
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