News Corporation doubles its profit
News Corporation, the media and entertainment conglomerate controlled by Rupert Murdoch, reported a net profit of $820 million in the third quarter, more than doubling the $400 million profit it posted in the same period a year ago.
The media and entertainment group News Corporation, which is controlled by Rupert Murdoch, generated a net profit of 820 million US dollars in the third quarter, more than doubling the profit of 400 million in the same period last year. The increase was due to double-digit percentage growth in the TV, Cable Network Programming and Magazine divisions. As Rupert Murdoch commented on the results, this quarter saw an acceleration of progress in the evolution of new media. The Myspace.com platform has grown to over 70 million registered users, making it one of the fastest growing Internet sites.
