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Tuesday, 5 November, 2002, 22:05 GMT
Murdoch doubles profits
Rupert Murdoch
Rupert Murdoch's group owns US satellite broadcaster Fox TV
Rupert Murdoch's media empire, which includes Fox Television in the US and the London Times and the Sun newspapers, has shown strong profit growth.

In the first three months of its financial year, News Corp profits more than doubled and sales rose 12%, reflecting improvements at its cable networks.

It also benefited from stronger advertising as it recovered from the low levels a year ago in the wake of the terrorist attacks.

News Corp's net profits rose to $162m, compared with $73m, in the same three months to 30 September last year, on sales of $3.81bn, compared to $3.4bn a year ago.

Fox Television tripled its revenues on the back of hit shows like American Idol, while subscriptions poured into the Fox News cable channel, which boasts a patriotic approach to news.

However, profits were lower at Twentieth Century Fox film studios, which did not have a major hit.

The newspaper business was also weak, on the back of declining circulation in the UK.

However, Mr Murdoch's share of the UK satellite broadcaster BSkyB continues to prove a winner.

See also:

14 Aug 02 | Business
11 Jun 02 | Business
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