Newspapers Drive News Corp.

News Corp. (NWS - Cramer's Take - Stockpickr) said second-quarter earnings were up 51% from a year earlier, with solid revenue growth across its divisions.

The media company had net profit of $361 million, or 30 cents a share, compared with $239 million, or 24 cents a share, last year. Analysts were expecting 28 cents, according to Thomson First Call.

Revenue in the quarter increased 19% to $5.59 billion from $4.68 billion in the year-ago period.

News Corp. said consolidated operating income was up 4% to $760 million, from $729 million a year ago. Among units, News Corp. said cable network operating income was up 55% to $187 million from $121 million. The company also recovered $15 million in Adelphia receivables it had previously written off.

Earnings from film were $253 million, flat with last year's results. Earnings at the television segment were up a modest 1% to $168 million from $165 million, reflecting improvement at Fox Broadcasting and Star, which provides cable programming overseas.

The company's direct broadcast satellite company, SKY Italia, had an operating loss of $106 million, while magazines operating income was up 7% to $63 million from $59 million in the year-ago period.

Newspapers saw a 67% increase in operating income to $170 million, reflecting circulation increases in the U.K. and advertising strength in the U.K. and Australia, the company said.

Fox Entertainment (FOX - Cramer's Take - Stockpickr), which is 80% owned by News Corp., separately reported earnings of $330 million, or 36 cents a share, up from $283 million, or 32 cents, a year ago. Analysts expected 34 cents, according to First Call estimates.

News Corp. was up 11 cents, or 0.3%, to $37.81, while Fox was gaining 16 cents, or 0.5%, to $31.15.