News Corp. Profit Doubles in Quarter

News Corp., the globe-spanning media company controlled by Rupert Murdoch, reported that profit doubled in the latest quarter on an asset sale as well as stronger results at its Italian satellite TV company, cable networks and broadcast TV units.

News Corp. also announced that it would increase its stock repurchase program from $3 billion to $6 billion.

The New York-based company, which owns the Fox broadcast network, Fox News Channel, newspapers in Britain and Australia as well as many other media businesses, earned $820 million, or 27 cents per Class A share, compared with $400 million, or 14 cents, a year earlier.

Revenue rose 2.6% to $6.2 billion. On an operating basis, income rose 14% to $1.01 billion from $889 million in the same period a year ago.

During the period, the company completed the sale of a Mexican satellite TV business to DirecTV Group Inc., a company it controls through a minority stake, recording a gain of $206 million.

News Corp. said its Italian satellite TV company, Sky Italia, swung to an operating profit of $69 million, an improvement of $90 million over a year ago, as it added 472,000 subscribers.

Television profit rose 29%. The Fox network swung to a profit contrasted with a loss a year earlier on higher ratings and ad prices in prime time.

Cable network programming also reported a 23% gain in profit on more growth at the Fox News Channel cable network as well as from higher results in its regional sports networks.

News Corp. shares rose to $19.49 in after-hours trading, after closing at $19.12, up 11 cents, before earnings were released.

The strong results in Italy, cable networks and broadcast TV outweighed weaker showings in newspapers, where earnings fell 18%. Results were weaker in Britain after the sale of an education business and costs from launching a magazine group.

Earnings from movies and TV production fell 10% compared with a year ago, when the company had several movies that were hits in home entertainment including “Napoleon Dynamite.”

During a conference call with reporters, Chief Operating Officer Peter Chernin said he expected a “steady stream” of announcements of deals for distributing Fox TV shows in new kinds of outlets.