Mr Murdoch's older son Lachlan has left the company

For its fourth quarter News Corp made net profits of $717m (�400m), compared with $429m a year earlier, beating market expectations.

Its turnover rose by 12% to $6.1bn, compared to $5.5bn a year previously.

The results came two weeks after Mr Murdoch's son Lachlan quit the firm. He had been regarded as a likely heir.

Instead, Lachlan Murdoch is stepping down from New York-based News Corp to return to his native Australia.

News Corp finished its financial year with a cash pile of more than $6bn.

It has plans both to buy back shares and make future investments.

"So while we generated record financial results this past year, I believe we have made the right strategic and operational moves to secure our momentum heading into fiscal 2006," Mr Murdoch senior said.