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News Corp.

(NWS) - Get News Corporation Class B Report

celebrated its move to the U.S. Wednesday with a 12% third-quarter revenue gain.

The media giant, which just last month got shareholder approval to move to New York from Sydney, Australia, posted a third-quarter profit of $536 million, or 32 cents an American depositary receipt. That's up from the year-ago $422 million, or 29 cents an ADR.

Sales rose to $5.19 billion in the quarter ended Sept. 30 from $4.65 billion a year earlier.

News Corp. cited strong ratings and advertising growth at Fox News Channel and FX, and higher affiliate revenues at its regional sports networks. The company said TV segment operating income rose 30% on advertising growth at the broadcast network and STAR, and lower programming costs at the network and station group.

"Double-digit earnings gains at our television, cable, newspapers and magazines and inserts segments, as well as strong profits from filmed entertainment underscore the sustained financial strength across our diverse and balanced collection of assets," CEO Rupert Murdoch said. "At the same time, we are also quickly establishing another growth engine with our global pay-TV assets, particularly at SKY Italia, BSkyB and DirecTV, each of which has positioned itself for substantial earnings generation in the years ahead."

Meanwhile, first-quarter earnings fell at

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(FOX) - Get Fox Corporation Class B Report

, Murdoch's homegrown U.S. entertainment business, as the company absorbed costs related to the acquisition of



. Revenue rose 5% from a year ago to $2.9 billion.

Fox said first-quarter earnings fell to $320 million, or 33 cents a share, from the year-ago $401 million, or 45 cents a share.

News Corp. B shares rose 50 cents Wednesday to $17.74.