News Corp. (NWSA) profits fell year over year on one-time charges, but core earnings beat expectations, as the company’s broadcast TV division and cable networks posted strong growth.
News Corp. posted 32 cents of EPS, three cents ahead of estimates. Cable network operating income rose 18% as ad rates rose and broadcast TV saw 27% growth on a continung rebound in the national ad market.
Among the one-time charges that held profits back were the costs associated with the company’s decision to drop its bid to buy the rest of British Sky Broadcasting Group amid News Corp.’s phone-hacking scandal in the U.K.
Shares rose 1.8% after hours.
News Corp. owns Barrons.com.
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