News Corp Reports 24 % Increase in Revenue

News Corporation (NYSE: NWS, NWSA; ASX:NWS, NWSLV) has reported second quarter net income of $832 million ($0.27 per share), as compared with $822 million ($0.26 per share on a diluted combined basis1) reported in the second quarter a year ago.

These results primarily reflect an increase in consolidated operating income as well as an increase in Other, net, primarily from the unrealized change in fair value of certain outstanding exchangeable debt securities,partially offset by lower equity earnings of affiliates.

Consolidated operating income for the second quarter of $1.4 billion was up 24% versus the $1.1 billion reported a year ago, primarily driven by double-digit percentage increases at nearly every operating segment and a $74 million improvement in the Direct Broadcast Satellite segment.Second quarter net losses from affiliates were $50 million versus net earnings of $249 million in the same period a year ago. The $299 million decrease was primarily driven by lower contributions from BSkyB due to the write-down of its ITV investment.

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