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News Corp 3Q beats Street on pay TV, 'Pi'


May 08. 2013 4:40PM
Associated Press

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(AP) News Corp. beat Wall Street's forecast for the January-March quarter, helped by growing revenue from pay TV networks including Fox News Channel and FX, and the hit 20th Century Fox movie "Life of Pi."


The company controlled by billionaire Rupert Murdoch also benefited from raising its stake in satellite TV company Sky Deutschland. It now holds a majority stake.


Net income jumped to $2.85 billion, or $1.22 per share, from $937 million, or 38 cents per share, a year ago.


Excluding items such as the one-time $2.1 billion profit related to Sky Deutschland, adjusted earnings came to 36 cents per share, a penny better than expected by analysts surveyed by FactSet.


Revenue rose 14 percent to $9.54 billion, also better than the $9.14 billion expected by analysts.


Associated Press


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