News Corp.’s quarterly profit surged on the back of robust DVD sales of the movie “Day After Tomorrow” and strong growth in advertising sales at the media giant’s cable networks.
News Corp. reported quarterly revenue of $6.6 billion, up 18 percent from last year’s $5.6 billion for the period ended Dec. 31. Consolidated operating income jumped 24 percent, rising to $954 million from $770 million a year ago.
Net income rose to $386 million, or 13 cents per share, up 80 percent from $215 million, or 8 cents per share, in the year-ago period.
News Corp. is the parent company of The Post.
“Film thrived this past quarter as our summer theatrical successes generated even greater returns in home entertainment,” said News Corp. Chairman and Chief Executive Officer Rupert Murdoch.
“At the same time, our diverse set of cable channels turned higher ratings and more desirable demographics into increased revenues and continued profit growth.”
The company’s filmed entertainment unit saw second quarter operating income jump 57 percent, rising to $407 million from $260 million in the year-ago period. It marked the strongest quarter ever for DVD sales at the company as the releases “Garfield,” “Dodgeball: A True Underdog Story” and the “The Star Wars Trilogy” were hot sellers.
The cable networks group reported second quarter operating income of $227 million, an increase of $72 million over last year’s result. The Fox News Channel saw its operating income grow 45 percent, fueled by double-digit advertising revenue growth that was partially offset by costs from covering the U.S. presidential election.