Hurt by poor movie revenues and TV ad sales, News Corporation’s first quarter profits sank 30 per cent to $515 million — 20 cents per share — on revenues that increased 6.3% year over year to $7.5 billion.
Analysts expected $7.7 billion revenues and an EPS of 23 cents.
Film revenues dropped 20% to $1.3 billion. TV dropped 15% to $974 million. Rupert Murdoch’s media empire was also damaged by $447 million in losses related to German pay TV and radio channel service premiere AG. Newspaper revenues rose 37% to $1.7 billion on the Dow Jones buy.
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