News Corp. Swings to Loss

The publisher enjoys strong results in its movie and cable-channel businesses.
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News Corp.

(NWS) - Get Report

, parent of 20th Century Fox film studio and the

New York Post

, posted a fiscal first-quarter loss of $433 million, or 13 cents a share, because of a $1 billion writedown of some television stations.

The results compare with a year-ago profit of $625 million, or 21 cents a share. Revenue rose 10% from a year ago to $5.68 billion, helped by gains in the movie, cable channel and publishing businesses, the New York-based company said.

Excluding various costs, News Corp. would have earned $580 million, or 18 cents a share. On that basis, the company was expected to earn 16 cents a share on sales of $5.62 billion, according to analysts surveyed by Thomson Financial.

"Our first-quarter results reflect yet again the fiscal and operational momentum we have enjoyed for quite some time," said CEO Rupert Murdoch in a statement. "With solid momentum throughout the company and a strong foundation of new media investments, we believe we are ideally suited to deliver continued strong returns in the future."

Shares of News Corp. rose 26 cents to $15.50 in after-hours trading.