News Corp with more annual profit
Despite the wiretapping scandal, Rupert Murdoch’s News Corporation was able to increase its profit by 7.9 percent to $2.74 billion in the 2010/2011 fiscal year. The U.S. conglomerate also posted higher revenue in the last quarter, but its profit plummeted. The media mogul insisted that the phone-hacking scandal was not to blame.
At around 683 million dollars, News Corporation earned around 22% less in the fourth quarter than in the same quarter of the previous year. However, both results were above market expectations. One of the main reasons for the slump in profits were costs of around 254 million dollars due to the favorable sale of Myspace. The wiretapping scandal of the now defunct tabloid News of the World had no financial consequences for the other business divisions, Murdoch emphasized. In addition to the Times of London and the Wall Street Journal, the Group also owns the film studio 20th Century Fox and the Fox television chain. In Europe, the pay-TV channel Sky is also part of the group.
Murdoch rejects responsibility for wiretapping scandal
