CNBC's Bob Sellers reported that News Corp. posted
"disappointing" fourth quarter earnings, as the company's
profits "fell" 20% to $0.21 a share, which is "three cents
shy of estimates." News Corp., whose revenue was up 1% to
$3.3B, cited "weakness in its broadcast operations and
increased spending on Internet investments" for the results.
But News Corp.'s Fox Entertainment Group "saw its profits
climb by more than" 1,000%, to $.05 a share, which was $.01
short of expectations ("Market Wrap," CNBC, 8/18). In N.Y.,
Andrew Pollack notes the Fox Broadcasting had an operating
loss due to "higher programming costs and losses incurred in
broadcasting the World Series and" NHL games (N.Y. TIMES,
8/19). Merrill Lynch analyst Jessica Reif Cohen said that
she "expects a 'massive' turnaround" at the network because
the "costly" NHL contract "hasn't been renewed" and affils
"begin kicking in payments resulting from a cost-sharing
agreement" on NFL broadcasts (WALL STREET JOURNAL, 8/19).
DAILY VARIETY's Jill Goldsmith reports that Fox's cable net
programming "lost" $19M (DAILY VARIETY, 8/19).
OTHER NOTES: Boo.com, a European online sportswear
retailer, has "had to delay its launch for several months
because of technical problems." Boo said yesterday that it
"now hoped to launch its fully fledged seven-language
service 'within the next few weeks'" (FINANCIAL TIMES,
8/19)....In N.Y., Mitchell Fink cites sources as saying that
Planet Hollywood, which has filed for bankruptcy, is "trying
to persuade" the WWF to "take over its ailing All-Star Cafe
chain." Planet Hollywood officials "denied there are sale
talks regarding All-Star" (N.Y. DAILY NEWS, 8/19)....USA
TODAY's Jayne O'Donnell reports that the U.S. Justice
Department is "building a strong price-fixing case against
some leading makers of graphite used in golf clubs, tennis
rackets and other sporting goods" (USA TODAY, 8/19).
