The increase is attributed to stronger ad sales and a “greater than two-fold increase in retransmission consent revenues.”
News Corp. on Wednesday reported total revenue for the first quarter of fiscal 2012 of $7.96 billion, an increase of $533 million or 7% over the $7.43 billion reported a year ago. The quarterly revenue increase was led by double-digit percentage affiliate revenue growth at the company’s Cable Network Programming and Television segments and double-digit revenue growth at the Filmed Entertainment segment, further diversifying the company’s overall revenue mix.
The Television segment reported first quarter segment operating income of $133 million, an increase of $28 million or 27% versus the same period a year ago, led by an 8% increase in revenues. The company said the growth reflects increased broadcast network advertising revenues, “underpinned by the robust national advertising market and the broadcast of the 2011 Emmy Awards, as well as a greater than two-fold increase in retransmission consent revenues.” These increases were partially offset by lower political advertising revenue at the local television stations and increased marketing costs at the broadcast network, in support of the launch of new series Terra Nova, The New Girl and X-Factor.
Cable Network Programming reported first quarter segment operating income of $775 million, a $116 million or 18% increase over the first quarter a year ago, driven by a 13% increase in revenue. Operating income contributions from the domestic channels increased 16%, underpinned by improved results at most networks, including FX Network, the RSNs and Fox News, which marked its 56th consecutive quarter of operating profit growth. The company’s international cable channels grew earnings 25%, led by continued momentum at Fox International Channels and Star India.
Read the company’s report here.