News Corp. Publishing Profits Plunge After Phone Hacking Scandal

Raw Story reported a few days ago that profits "almost halved" at News Corporation's publishing arm. However, Fox News continues to be extremely profitable for the media conglomerate.

Raw Story wrote:

Profits almost halved at News Corporation’s publishing division, home to titles including the Times, Sun and Wall Street Journal, in the three months to the end of September, during which the company took a further $67m (£41.9m) charge relating to the News of the World phone-hacking scandal.

The company’s newspaper publishing operation was also hit by an advertising slow down in its US and Australian businesses in the three-month period.

But Fox News continues to do well and, in fact, is the most profitable division of News Corporation:

At its U.S. pay TV networks, advertising revenue rose 8 percent, led by Fox News and its regional sports networks. Fees from distributors such as cable TV companies rose 16 percent domestically. The segment was again the company’s most profitable, generating operating profit of $953 million on $2.45 billion in revenue.

Sadly, hate still sells well in America.

H/T Headly Westerfeld.

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Showing 5 reactions

Aria Prescott commented 2012-11-11 17:55:50 -0500 · Flag

Is Fox News’ rise in revenue because of hate… or because they’re promoting corporate welfare for their owners?

Oh, wait- Trick question. It’s a mix of both.

patrick tolle commented 2012-11-11 16:58:14 -0500 · Flag

@ Ricky/Tawdry- When did any of those folks you name become journalists? They’re high-paid teleprompter readers in revealing clothes, if it isn’t in the script it will never get on the air, and if they didn’t get their scripts from the RNC the whole enterprise would be dead air, including your autoerotic fantasy Snowdrift( now sand dune) Snooki.

Richard Santalone commented 2012-11-11 10:18:16 -0500 · Flag

@Rick Patel Yes indeed Rick — Faux Spews will continue to be extremely profitable as long as there are TENS OF MILLIONS OF INCREDIBLY IGNORANT SHEEP LIKE YOU waiting to be fleeced.

Rick Patel commented 2012-11-11 07:10:10 -0500 · Flag

As long as Megyn Kelly, Shannon Bream, & Gretchen Carlson have maximum exposure as journalists, and certainly while Gov. Sarah Palin remains their primary political analyst, FOX News will continue to be extremely profitable.

Kent Brockman commented 2012-11-10 18:43:02 -0500 · Flag

Look at it this way, as more & more support for hate is paid for by the sheep they will reach a point of financial insecurity if not near insolvency.