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Thursday, 16 August, 2001, 14:36 GMT 15:36 UK
Murdoch's News Corp profits fall
Rupert Murdoch
Murdoch's Fox network is dragging down group profits
Rupert Murdoch's News Corporation reported lower quarterly profits, thanks mainly to the effects of the advertising slump on its Fox television unit.

The company, which also owns 20th Century Fox film studios, a wide range of newspapers, and extensive cable TV interests, made profits of $145m in the three months to 30 June.

In the same period of 2000 it earned $184m.

The figures came precisely in the middle of analyst forecasts.

Divisonal differences

News Corp's television unit, which includes the Fox network and TV stations, saw its operating income fall to $185m in the quarter, from $241m a year before, hammered by the weak advertising market and higher sports programming costs.

The newspaper arm, which includes the New York Post, The Times of London and the Daily Telegraph of Australia, saw operating income slump by 25%, to $121m, also reflecting the weaker ad market.

News Corp's film unit reported a loss of $4m, but that was a vast improvement on the $53m it lost in the same quarter of 2000.

The main contributor to the unit's performance was DVD sales of its hit film "Cast Away", the firm said.

See also:

06 Aug 01 | Business
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23 Jul 01 | Business
Disney buys Murdoch cable network
16 Jul 01 | Entertainment
Murdoch heads media power list
28 Mar 01 | TV and Radio
Murdoch: Still going strong at 70
10 Jan 00 | Business
AOL and Time Warner to merge
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