Operating income up at Fox parent

News Corp. reported last week that its operating income for the fiscal year grew 11 percent to $1.9 billion, fueled by a 78 percent increase in filmed entertainment and an 88 percent improvement in cable networks, which it credited to an uptick in worldwide advertising spending.

Full-year consolidated revenue was $15.2 billion, a 10 percent increase over the prior year, and fourth-quarter revenue was up 11 percent to $3.8 billion.

But a write-down of the value of its stake in Gemstar-TV Guide International led to a $1.74 billion loss for the fourth quarter.

Fox Sports Networks' operating profit improved by 63 percent during the fourth quarter and was up 30 percent for the full year, primarily from inclusion of earnings from Speed Channel as well as double-digit revenue growth at the regional sports networks spurred by higher fees charged to cable operators.

— Andy Bernstein