"Rupert Murdoch reports that Fox News doubled its operating income since last year."
Yesterday, Rupert Murdoch’s News Corporation – the parent company of Fox News – reported a 70% drop in net income to $300 million and a 16% drop in revenue to $7.37 billion for the quarter that ended March 31. In the midst of the bad earnings report, “cable television was the conglomerate’s one bright spot.” Murdoch said, “Our Cable Network Programming segment showed remarkable growth, led by the Fox News Channel which nearly doubled its operating income over the year ago quarter.” According to Murdoch’s release, Fox News’ primetime ratings are up significantly over the same period last year:
The FOX News Channel (FNC) almost doubled its operating income versus the third quarter a year ago, primarily from increased affiliate revenues on higher rates. In the quarter ended March 31, 2009, FNC primetime ratings were up 23% compared with the same period a year ago.