Earnings: News Corp Q1 Revenues Up 16 Percent; ‘Strong Revenue Growth’ For FIM — Higher Costs, Too

Rupert Murdoch probably won’t send a thank-you note to John Malone but News Corp (NYSE: NWS) delivered a profit of $2.7 billion, or $0.91 per share, up dramatically from $827 million, or $0.27 per share) in the same quarter last year aided by a $1.7 billion gain on the asset and stock swap with Liberty Media (NSDQ: LINTA). Revenues rose 16 percent to $8.75 billion in the quarter ending March 31, from $7.53 billion in the same quarter last year. Operating income also rose 16 percent, to $1.4 billion.

The earnings release refers to Fox Interactive Media but, as usual, with precious little detail: “Current quarter results also include higher contributions from Fox Interactive Media and NDS, partially offset by startup losses at our Eastern European broadcasting initiatives. At Fox Interactive Media strong revenue growth from increased search and advertising revenues was partially offset by increased costs associated with domestic and international expansion, new features and costs associated with the startup of new ventures.”

Earnings release (pdf) | Webcast (4:30 ET)