Business

News Corp. jumps on Q1 report

News Corp. reported quarterly profit that topped Wall Street’s expectations, bolstered by the strength of its cable TV networks.

The media company, led by Chairman Rupert Murdoch, posted fiscal first-quarter profit of $2.23 billion, or 94 cents a share, up from $738 million, or 28 cents, a year earlier. The results included a $1.4 billion gain from the sale of its 49-percent stake in set-top box maker NDS Group.

Adjusted earnings per share were 43 cents, beating the consensus among analysts for 37 cents a share.

Revenue for the quarter ended in September rose 2 percent to $8.1 billion.

The results sent the shares, which have risen by more than a third this year, up 2 percent in late trading. Earlier the stock closed up 1 percent, or 23 cents, at $24.59.

Operating income for the cable segment, which includes Fox News, FX and regional sports networks, climbed 23 percent to $953 million, reflecting higher fees charged to distributors to carry its networks.

In the film division, operating income rose 15 percent to $400 million on the success of “Ice Age: Continental Drift.”

The TV unit, which includes the Fox broadcast network and local stations, posted a 17 percent jump in operating income to $156 million, boosted by “retransmission” fees and record political spending.

News Corp.’s TV and film businesses were offset by declines in publishing and satellite broadcasting. (News Corp. owns The Post.)

The company is planning to separate its entertainment assets from its publishing businesses by mid-2013.