Page last updated at 22:33 GMT, Wednesday, 7 May 2008 23:33 UK

Ad sales boost News Corp profits

Rupert Murdoch
Rupert Murdoch bought the Wall Street Journal in December

Profits at Rupert Murdoch's News Corp have tripled, driven by advertising sales at the firm's Fox TV network and Fox News.

News Corp made $2.69bn (1.4bn) in the first three months of the year compared with $871m in the same period in 2007.

Profits were also lifted from the sale of a stake in digital TV firm DirecTV.

News Corp said revenues from its newspapers rose 38% after it bought the publisher of the Wall Street Journal, Dow Jones, in December.

Advertising sales were boosted by the broadcast of the Superbowl.

"Our ability to generate returns from a multitude of sources puts us in a great position to maintain our financial momentum even in times of economic uncertainty," said Mr Murdoch, News Corp's chairman and chief executive.

News Corp recorded a gain of $1.67bn after Mr Murdoch traded a 41% stake in DirecTV to Liberty Media in exchange for stock and cash.

News Corp also owns MySpace and Twentieth Century Fox.

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