Rupert Murdoch is laughing all the way to the bank.
News Corp reported annual earnings of $2.74 billion, up from $2.54 billion in 2010. $683 million of that came in the fourth quarter.
Net income was down 22% from the third quarter, but the figure accounted for a $254 million loss from the sale of MySpace.
According to the Washington Post, “excluding the $254 million loss on the Myspace sale, adjusted earnings came to 36 cents per share, beating the 30 cents expected by analysts polled by FactSet.”
In a conference call after the release, the CEO sounded comfortable in his position.
“The board and I believe that I should continue in my current role, but make no mistake: Chase Carey and I run this company as a team,” he said.
He was not happy with The News of the World scandal, but tried to convince anyone listening to the call that it would not happen again.
“I have run this company for more than 50 years,” Murdoch said. “The kind of behaviour that occurred in that newsroom has no place within News Corporation.”
Mostly, the earnings report and the subsequent call reminded us of one fact, succinctly stated by the Huffington Post: “The tedium of the financial questions is a reminder that UK papers are a mere speck of News Corp.’s bottom line.”
There’s a growing rumour that Murdoch was acting during his Parliamentary Q&A earlier this month.
David Carr, for one, might subscribe to that theory.
“Contrast btw the Murdoch Parliament hosted and the one on News Corp earnings call is remarkable. Not the same guy. Mastery of big and small,” the New York Times journalist tweeted.
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