News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today reported $9.43 billion of total revenue for the three months ending December 31, 2012, a $450 million or 5% increase over the $8.98 billion of revenue reported in the prior year quarter. The revenue increase was led by $398 million or 18% growth at the Company’s Cable Network Programming segment.
The Company reported second quarter total segment operating income
of $1.58 billion compared to $1.50 billion reported a year ago. The improvement was led by operating income improvements at the Company’s Cable Network Programming and Television segments. The second quarter results included $56 million of costs related to the ongoing investigations initiated upon the closure of
The News of the World
as compared to $87 million in the corresponding period of the prior year. This year’s second quarter results also included $23 million of costs related to the proposed separation of the Company’s entertainment and publishing businesses. Excluding these costs from both years, second quarter adjusted total segment operating income of $1.66 billion increased $75 million or 5% from $1.58 billion reported in the second quarter of the prior year.
The Company reported quarterly net income attributable to stockholders of $2.38 billion ($1.01 per share), compared to $1.06 billion ($0.42 per share) reported in the corresponding period of the prior year. This quarter’s pre-tax results included $1.40 billion of income in Other, net, principally related to gains on the acquisitions of additional ownership stakes in FOX SPORTS Australia and Fox Star Sports Asia (formerly ESPN Star Sports), as well as a $131 million gain from the Company’s participation in British Sky Broadcasting’s (“BSkyB”) share repurchase program, which is reflected in Equity earnings of affiliates. These gains were partially offset by $65 million of restructuring and impairment charges, primarily related to the Company’s international newspaper businesses. Excluding the net income effects of these items, the costs related to the investigations in the U.K. and the proposed separation of the Company’s entertainment and publishing businesses, along with comparable items in both years, second quarter adjusted earnings per share
was $0.44 compared with the adjusted prior year quarter result of $0.39.
Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said: