Blog Post

Earnings: News Corp. Beats Street With 67-Percent Profit Hike In FY4Q05; Amends Deal With COO Cherni

First look … News Corp. exceeded the Street’s expectations for FY4Q05, turning in $717 million in net income — 22 cents a share compared to Thompson First Call estimates of 17 cents a share — on record revenues of $6.1 billion. Net income was up 67 percent compared to the same quarter in FY04 while revenues rose 12 percent. Earnings release (pdf) | Webcast 4:45 p.m. Eastern
At the same time, News Corp. filed an SEC document detailing an amended employmented agreement with Peter Chernin, president and COO, allowing him to receive cash in lieu of restricted stock. The same filing includes the performance bonuses paid out to top execs for FY05 including $18.89 million each to Rupert Murdoch and Chernin and $5.77 million to Lachlan Murdoch, whose unexpected departure as deputy COO Aug. 31 enhances Chernin’s importance.