Ryan Nakashima
News Corp 3Q beats Street despite probe costs
LOS ANGELES (AP) — Rupert Murdoch’s News Corp., the global media conglomerate under fire for phone hacking and alleged bribery in Britain, posted a 47 percent increase in third-quarter net income thanks to strong performances at its pay TV networks and its movie studio.
The results beat analyst expectations. The company also announced it would buy back another $6.1 billion worth of shares in the coming year, a move that should bolster the share price.
Shares rose 61 cents, or 3.2 percent, to $19.99 in after-hours trading.
Net income in the three months to March 31 rose to $937 million, or 38 cents per share, from $639 million, or 24 cents per share, a year ago.
News Corp. booked $63 million in legal fees in the quarter to deal with the ongoing investigation of its British newspaper unit.
Excluding that charge and other unusual items, adjusted earnings came to 37 cents per share, beating the 31 cents expected by analysts polled by FactSet.
Revenue rose 2 percent to $8.40 billion, beating the $8.25 billion analysts expected.
News Corp. reiterated its forecast for full-year adjusted operating profits to grow in the “low to mid-teen” percentages from the $4.98 billion posted nearly a year ago. The company’s fiscal year ends June 30. The company said, however, that it was likely to be on the low end of the range because of a slowdown at the 20th Century Fox movie studio and weak ad markets at its newspapers.
The forecast excludes scandal-related charges, which have come to $167 million for the first nine months of the fiscal year.
WatchESPN comes to Comcast’s video customers
In this photo released by ESPN shows ESPN's Sport Center program on a mobile device, WatchESPN, the online and mobile version of Disneys popular sports TV network. The popular sports TV network was turned on Tuesday May 8, 2012 for most of Comcasts 22 million video subscribers. Its one of the perks being offered to cable subscribers to convince them to keep paying for TV. Getting online or mobile access to shows you already pay for is known in the industry as TV Everywhere. The new offering comes thanks to a 10-year deal between Comcast Corp. and The Walt Disney Co. (AP Photos/ESPN)(Credit: AP) LOS ANGELES (AP) — WatchESPN, the online and mobile version of Disney’s popular sports TV network, was activated Tuesday for most of Comcast’s 22 million video subscribers.
It’s one of the perks being offered to cable subscribers to convince them to keep paying for TV. Getting online or mobile access to shows you already pay for is known in the industry as “TV Everywhere.”
The new offering results from a 10-year deal between Comcast Corp. and The Walt Disney Co. that was announced in January. It doubles the number of customers able to access WatchESPN to about 40 million.
Continue Reading CloseAfter foreign haul, ‘Battleship’ faces choppy seas
In this film publicity image released by Universal Pictures, Tadanobu Asano, left, and Taylor Kitsch are shown in a scene from "Battleship." Battleship, a Universal Pictures movie based on the Hasbro Inc. board game, has survived an armada of tomato-throwing critics and chugged to $170 million in ticket sales overseas. The haul goes part way to justifying the reported $209-million price tag, but after subtracting splits with theater owners, it is estimated to need about half a billion at box offices to turn a profit. With a fleet of other hotly expected blockbusters surrounding its U.S. release on May 18, the tides need to be solidly in its favor to stay above water. (AP Photo/Universal Pictures)(Credit: AP) LOS ANGELES (AP) — “Battleship,” the first in a string of movies based on Hasbro board games, has survived an armada of tomato-throwing critics and chugged to $170 million in ticket sales overseas.
Yet it faces choppy seas as it steams toward its U.S. debut on May 18. What might sink “Battleship” is competition from other hotly expected blockbusters, including the superhero adventure “The Avengers,” which opens Friday, and Sony’s long-awaited “Men in Black III,” which rolls out May 23.
Continue Reading Close1Q US home video spending up 2.5 percent
LOS ANGELES (AP) — American spending on home videos rose 2.5 percent to $4.45 billion in the first quarter as the increasing popularity of subscription streaming plans and Blu-ray discs made up for falling DVD sales.
That’s according to a report by the Digital Entertainment Group, which is made up of Hollywood studios and electronics manufacturers.
It marked the first year-over-year gain in two quarters.
Blu-ray disc purchases rose 23 percent to about $541 million, while DVD sales fell about 7 percent to $1.51 billion.
Spending on rentals fell 25 percent to $1.18 billion as people dropped off Netflix Inc.’s mail-order DVD plan and fewer people went to brick-and-mortar rental outfits. Spending at kiosks like Redbox rose.
Spending on digital downloads, subscription streaming services and video-on-demand offerings rose 74 percent to $1.22 billion.
Yahoo to double Olympics presence in London
LOS ANGELES (AP) — Yahoo plans to double its Olympics presence this summer as it aims to be the Games’ top website for the fourth straight year.
Yahoo is sending 25 people from around the world to cover the Summer Games in London — about “twice as big” as it had in the Winter Games — including U.S. gold medal winners Shannon Miller and Dan O’Brien and many of its sports columnists and reporters. It also plans to cover the games in dozens of languages.
The move is an effort to outshine competitors. Despite not paying for exclusive rights to cover the games, Yahoo says it has been the No. 1 global destination for Olympics coverage for the past three games.
Continue Reading CloseClark fortune estimated in ‘hundreds of millions’
FILE - In this April 20, 2002 file photo, Dick Clark, host of the American Bandstand television show, introduces entertainer Michael Jackson on stage during taping of the show's 50th anniversary special in Pasadena, Calif. Clark, the television host who helped bring rock `n' roll into the mainstream on "American Bandstand," died Wednesday, April 18, 2012 of a heart attack. He was 82. (AP Photo/Kevork Djansezian, File)(Credit: AP) LOS ANGELES (AP) — Dick Clark married music and television long before “American Idol.” But his legacy extends well beyond the persona of the laid-back host of “American Bandstand” whose influence can still be seen on TV today.
He was the workaholic head of a publicly traded company, a restaurateur, a concert promoter and real estate investor. Clark, who died of a heart attack on Wednesday at age 82, left behind a fortune and is the model of entertainment entrepreneurship embodied today by “Idol” host Ryan Seacrest.
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