News Corp. Profit Soars

News Corp. reported sharply higher quarterly profit Wednesday on an asset sale and improving results at its Fox broadcast network and in cable network programming, which includes Fox News Channel.

News Corp. earned $1.08 billion, or 33 cents a share, in its fiscal second quarter ended Dec. 31, up from $386 million, or 13 cents, a year earlier.

Revenue for the New York-based media company edged up 1.6% to $6.67 billion.

The latest results include a one-time gain of $381 million from the sale of an educational subsidiary last fall.

Excluding that sale, earnings from continuing operations were $694 million, or 22 cents a share. Analysts surveyed by Thomson Financial had expected 20 cents a share.

Earnings from movies and TV production fell 26.5% from a year earlier, when the company had several home video hits, including “The Day After Tomorrow.” Earnings from Hollywood studios often vary widely quarter to quarter because of the hit-driven nature of the business.

News Corp.’s cable TV networks turned in another strong quarter, reporting a 15% rise in earnings on higher advertising sales from Fox News Channel as well as growth in regional sports networks.

Earnings from the company’s newspapers, most of which are in Britain or Chairman Rupert Murdoch’s native Australia, tumbled 62.5% largely because of a $99-million charge the company took as it upgraded printing facilities at its British papers, which include the Times of London and the Sun.

Earnings from broadcast television rose 20% on higher ratings at the Fox broadcast network and lower promotional costs because of the earlier launch of Fox’s new TV season. Big ratings for two returning Fox shows, “24” and “American Idol,” weren’t reflected in the earnings report because they came out after the quarter ended.

News Corp. also reported a smaller loss from its Italian satellite TV broadcasting unit, Sky Italia, as the company added nearly half a million subscribers, widening its base to 3.6 million.

News Corp.’s Class B shares rose 13 cents to $16.76. The earnings results were reported after markets closed.