News Corp. reported profits more than doubled in the three months ended Dec. 31 on a 5 percent rise in revenue.
The company attributed the jump in profits, to $2.38 billion, or $1.01 a share, from $1.06 billion, or 42 cents a share, a year earlier, to increased stakes in Fox Sports Australia and Fox Star Sports Asia.
Revenue was $9.43 billion in the period, up from $8.98 billion a year earlier.
The cable-network programming division led the way, with revenue up 18 percent, to $2.6 billion. The group, which includes Fox News and FX, posted a 7 percent increase in operating income, to $945 million.
The broadcast TV unit saw lower advertising revenue due to weakened ratings.
“It’s no secret (Fox) had a tough fall,” News Corp. President and Chief Operating Officer Chase Carey said on a conference call with analysts.
The company said it had costs of $23 million tied to the pending separation of its publishing and entertainment assets later this year.
Excluding those one-time items, adjusted earnings came to 44 cents per share, topping the 43 cents expected by Wall Street.
“The strategies we executed against in the quarter continue to bolster News Corp.’s competitive position and enhance our ability to benefit from global demand for content, especially sports programming,” Chairman Rupert Murdoch said in a statement.