A strong performance by its 20th Century Fox film studio boosted News Corp's first-quarter revenue, but its profit was hit by an accounting charge.
Rupert Murdoch and his family own almost 30% of News Corp
DVD sales of films such as Robots and Hide and Seek helped News Corp's group revenues grow 10% to $5.7bn (£3.3bn).
However, the firm reported a net loss of $433m for the quarter after it took a $1bn charge on the value of its television stations' licences.
In the same period a year ago, the firm had reported a $625m net profit.
Excluding the charge, News Corp - which is controlled by media tycoon Rupert Murdoch - reported earnings per share of 18 cents, which beat analysts' forecasts of 16 cents.
News Corp's film unit reported a 26% jump in operating income to $368m, helped by DVD sales and by the worldwide success of the Fantastic Four film.
However, analysts said News Corp's television unit was weaker than expected, with operating income down 32% to $160m.